The Small Business Association is making it easier for small businesses to apply for forgiveness of their Paycheck Protection Program loans. Instead of processing forgiveness applications with their lenders, borrowers who received under $150,000 in 2nd draw PPP funds can utilize the SBA’s new portal that officially launches Aug. 4th, 2021…
Business Tax Strategies to Keep in Mind for COVID-19 Relief
An Update on PPP Loan Forgiveness as of 10/22/2020
As the landscape surrounding PPP loan forgiveness continues to develop, it’s important to remain updated on how the approved changes and pending legislation can affect you as a recipient of PPP funds. Our last update covered what loan recipients should do while lenders and the SBA waited to process forgiveness applications. Additional guidance has now been issued, prompting many lenders to move forward with processing applications and passing them along to the SBA for review….
PPP Loan Forgiveness Update as of 9/29/2020
While the Paycheck Protection Program (PPP) has provided much-needed funds to over 5 million organizations, the loan forgiveness portion of the program is still plagued by a general lack of information. The Small Business Administration (SBA) and the Treasury Department have yet to provide lending institutions with proper guidance to successfully process forgiveness applications so that businesses can adequately plan for the future…