THE PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT (PPPFA)

By |2020-06-10T15:18:25-04:00June 10th, 2020|Financial, Governments|

The Paycheck Protection Program Flexibility Act (PPPFA) passed nearly unanimously by the U.S. House of Representatives and U.S. Senate.  President Trump signed it into law on Friday June 5, 2020.  The PPPFA was intended to ease some of the forgiveness provisions of the CARES Act passed on March 27, 2020, as well as correct some [...]

House Passes Bill to Loosen Rules on PPP Loans

By |2020-05-29T08:33:00-04:00May 29th, 2020|Financial, Governments|

On May 28, 2020, the House overwhelmingly passed a bill to loosen key rules for the Paycheck Protection Program (PPP). The plan would: Reduce the percentage of aid money that must be spent on payroll from 75% to 60% Extend the window businesses have to use the funds from 8 weeks to six months Push [...]

Bucks Back to Work Small Business Grant

By |2020-05-21T10:25:57-04:00May 21st, 2020|Financial|

Bucks County has outlined a new grant program to help small businesses that have been negatively impacted by COVID-19. http://buckscounty.org/government/CommunityServices/BacktoWorkGrantProgam To qualify, applicants must be for-profit businesses, founded no later than 2018, that have less than $700,000 gross annual revenue and fewer than 50 employees. Primary operations and headquarters must physically be located in Bucks [...]

SBA Extends “Necessity” Certification Return-By Date to May 18, 2020

By |2020-05-14T13:56:42-04:00May 14th, 2020|Financial, Governments|

Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the necessity certification required for all PPP loans to return the funds. This extension is intended [...]

SBA to Provide Exemption from Loan Forgiveness Reduction for Non-Returning Employees

By |2020-05-05T13:03:25-04:00May 4th, 2020|Financial, Governments|

Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work.  As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced, in part, if a PPP borrower’s average number of full-time equivalent employees during the 8-week [...]

Expenses Paid with Forgivable PPP Loans Not Deductible

By |2020-05-05T13:03:57-04:00May 4th, 2020|Financial, Governments, Taxes|

The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]

MontcoStrong Small Business Grant Program

By |2020-04-07T12:15:55-04:00April 7th, 2020|Blog, Financial, Governments|

On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the COVID-19 pandemic. For full details visit www.montcopa.org/MontcoStrongSBGP. Applications will be accepted beginning on Wednesday, April [...]

Some Banks Closing Window to Submit PPP Application

By |2020-04-07T08:48:12-04:00April 6th, 2020|Blog, Financial|

We have been informed that some banks have reached or are reaching their maximum lending limit for the SBA’s Paycheck Protection Program (PPP) and may not be able to accept additional requests for a loan through the PPP. Please contact your bank for more information. If your bank is one of the banks that have [...]

Families First Coronavirus Response Act

By |2020-04-07T08:50:00-04:00March 27th, 2020|Blog, Governments|

Information regarding COVID-19 support is coming fast and from many sources.  We felt our clients would benefit from a summary of the Families First Coronavirus Response Act. View Summary This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication [...]