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Will there be additional funding for the Paycheck Protection Program (PPP)?

Will there be additional funding for the Paycheck Protection Program (PPP)? Members of the Senate began nearing a deal on Sunday that would bring an additional $370 billion into loan programs for small businesses.  Talks were sparked after the initial $349 billion ran out of money on Thursday. Of this amount, $310 billion will be […]

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How have the Paycheck Protection Program (PPP) funds been spent so far?

Are you interested in learning more about how the Paycheck Protection Program (PPP) loans have been spent so far?  You can check for updates on the SBA site here. How much of the Paycheck Protection Program (PPP) loans have been approved so far? As of April 16, 2020, the loan count was 1,661,367 with net […]

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Paycheck Protection Program (PPP) Lender Allowed to Apply for a PPP Loan?

Unlike other SBA loan programs, the financial terms for Paycheck Protection Program (PPP) loans are uniform for all borrowers.  The standard underwriting process does not apply because no creditworthiness assessment is required for PPP loans. Consequently, there is no meaningful risk of underwriting bias or below-market rates and terms.  It has also been recognized that […]

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Paycheck Protection Program (PPP) – Documentation for Loan Forgiveness

What documents do I need to provide for loan forgiveness for the Paycheck Protection Program (PPP)? If you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms, or your equivalent payroll processor records that best correspond to the covered period.  This should also include evidence of any retirement […]

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How Much of the Paycheck Protection Program (PPP) Loan Will Be Eligible for Forgiveness?

How Much of the Paycheck Protection Program (PPP) Loan Will Be Eligible for Forgiveness? The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principle amount of the loan, plus any accrued interest.  The actual amount of loan forgiveness will depend, in part, on the total amount spent over […]

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How Can PPP Loans Be Used By Individuals With Income From Self-Employment Who File a 2019 Form 1040, Schedule C?

The proceeds of a PPP loan are to be used for the following. Owner compensation replacement, calculated based on 2019 net profit. Employee payroll costs (as defined in the First PPP Interim Final Rule) for employees whose principal place of residence is in the United States, if you have employees. Mortgage interest payments (but not […]

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Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow?

Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow? How you calculate your maximum loan amount depends upon whether or not you employ other individuals.  If you have no employees, the following methodology should be used to calculate your maximum loan amount: Step 1: Find your 2019 IRS Form […]

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Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?

Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]

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Is There An Extension for 990 Forms?

Is there an extension for 990 Forms?   The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic. At first glance, this notice had little impact on tax-exempt organizations and not-for-profits. The Notice 2020-18 applied exclusively to income tax returns and payments due on April 15, 2020, postponing […]

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Tax Deadline Extension to Cover Individuals, Trusts, Estates, and Corporations

Has the tax deadline been extended to cover individuals, trusts, estates, and corporations? To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay […]

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Paycheck Protection Program (PPP) Q&A

Information about the Paycheck Protection Program (PPP) is changing rapidly.  Because it is changing so quickly, we want to remind you of the importance of checking your sources.  For this reason, we are providing the link to a great resource from the Small Business Administration (SBA), their FAQ page.  You can find their Paycheck Protection […]

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What is the Main Street Lending Program from the Federal Reserve?

What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]

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Paycheck Protection Program (PPP), Can the Loan Be Forgiven?

Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]

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Recommendations for Paycheck Protection Program (PPP) Application Documents

AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession.  As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]

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CARES Act – Benefits for Donors to Not-For-Profit Organizations

The CARES Act also provides incentives to donors to 501(c)(3) organizations. There is a new deduction for total charitable contributions of up to $300 made by an individual taxpayer. This is an “above the line” deduction so all taxpayers would be eligible to take the deduction, even those who use the standard deduction. The deduction […]

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CARES Act – Things You Need To Know – Get The Facts

Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020.  This is an 800+ page bill.  Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]

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Paycheck Protection Program (PPP) – What do Borrowers and Lenders Need to Know?

What are the Paycheck Protection Program (PPP) loan terms and conditions? Loans will be guaranteed under the Paycheck Protection Program (PPP) under the same terms, conditions, and processes as other 7(a) loans, with certain changes including, but not limited to: The guarantee percentage is 100 percent. No collateral will be required. No personal guarantees will […]

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What can the Paycheck Protection Program (PPP) Loan be used for?

What can the Paycheck Protection Program (PPP) Loan be used for? The proceeds of a Paycheck Protection Program (PPP) loan are to be used for: Payroll costs (to calculate payroll costs, click here); Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; […]

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How do I apply for the Paycheck Protection Program (PPP) Loan?

You’ve done your research on the Paycheck Protection Program (PPP) Loan, and you think your business is eligible. How do you apply for it? In order to apply for the Paycheck Protection Program (PPP) Loan, you must submit SBA Form 2483 Paycheck Protection Program Application Form and your payroll documentation. The lender must submit SBA Form […]

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Paycheck Protection Program (PPP) – Loan Details

The Paycheck Protection Program (PPP) loan can help many businesses, but what are the loan details? Check out the specifics below. What is the interest rate on a Paycheck Protection Program (PPP) loan? The interest rate will be 100 basis points or one percent. The Administrator, in consultation with the Secretary, determined that a one […]

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