The Thomas Howell Ferguson Blog

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How Does the Paycheck Protection Program Flexibility Act (PPPFA) Impact My Paycheck Protection Program (PPP) Loan?

Recently, the Paycheck Protection Program Flexibility Act (PPPFA), was signed into law.  This gives borrowers additional time and flexibility to use Paycheck Protection Program (PPP) loan proceeds. The PPPFA is intended to serve as an additional boost for small businesses trying to muscle through this pandemic-induced economic crisis. Continue reading to see how your business […]

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Effective Dates Delayed for Some Accounting Standards Updates

In response to uncertainties surrounding COVID-19, the Financial Accounting Standards Board (FASB) voted on Wednesday, May 20, 2020, to extend the effective date for certain Accounting Standards Updates (ASU). Following is a summary of the FASB’s actions from that meeting. Revenue Recognition ASU The effective date of the FASB revenue recognition ASU has been extended […]

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What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?

Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period.  Payroll costs are considered paid on the day that paychecks are distributed, […]

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Paycheck Protection Program (PPP) – Payroll Costs Q&A

Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs.  Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]

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Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs

Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board.  During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]

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Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness

Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible.  Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]

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How Does Gross Income Affect Expenses Forgiven Under the PPP?

How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]

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What is the Status of My Stimulus Check from the IRS?

Are you trying to check the status of your stimulus check from the IRS?  Here is a way that you can check on the status of your Economic Impact Payment. This link will give you information about: Your payment status Your payment type Whether the IRS needs more information from you, including bank account information […]

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CARES Act – Employers Can Claim an Employee Retention Tax Credit

Were you able to receive relief from the small business loans offered through the CARES Act? If the answer is no, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite […]

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Will my business be audited if I take the Paycheck Protection Program (PPP) loan?

Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]

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Paycheck Protection Program (PPP) – Payroll Costs

While there is a lot of speculation surrounding payroll costs as they pertain to the Paycheck Protection Program (PPP), below are answers to questions that we have at this time.  The most important thing to remember if you apply for this program is to document, document, document. What qualifies as “payroll costs” under the Payment […]

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Q&A on the CARES Act and Paycheck Protection Program (PPP)

In partnership with the Greater Tallahassee Chamber of Commerce, THF CPAs, Canita Gunter Peterson and Andrea Medley, held a webinar to discuss relevant issues pertaining to the CARES Act and Paycheck Protection Program (PPP) and provided a Q&A session.  You can watch the video above or read the transcription below.   In late March, the […]

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Paycheck Protection Program (PPP) Q&A

The U.S. Department of the Treasury has released an additional Q&A update of Frequently Asked Questions surrounding the Paycheck Protection Program (PPP).  A few questions asked in the FAQ update include: Are small business concerns (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) required to have 500 or fewer employees […]

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Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)

On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing.  The House could approve the bill as early as Thursday. What does this deal include? $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions. […]

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Senator Rick Scott Meets with CPAs to Focus on PPP Loans

United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]

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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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