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SBA issues interim final rule on PPP

On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance. The rule, Paycheck Protection Program – Requirements – Loan Forgiveness, is the formal guidance that accompanies the forgiveness application and […]

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PPP forgiveness form released by SBA, includes changes

The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known. Clarity is still needed on many of the components of forgiveness. Changes were made to […]

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IRS Grants Midyear Changes to Health, Dependent Care, Flex Spending Accounts

The COVID-19 pandemic has thrown a wrench into many employer-sponsored health, flexible health, and dependent care plans as employees are seeing increased or decreased need, depending on the impact of the pandemic on their families. In response, the IRS is granting employees the ability to make midyear changes to some employer-sponsored health coverage, health flexible […]

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SBA Grants Safe Harbor to Borrowers with PPP Loans Less than $2 Million

In an update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs, the SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” Released just ahead of the […]

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PPP economic uncertainty clarification update gets extended repayment deadline

The original May 7 deadline for repayment of Paycheck Protection Program (PPP) loans that could not be certified necessary was extended to May 14 following concerns stemming from the business community over the uncertainty of qualification. On April 23, the SBA updated their FAQs with question #31 which clarified that borrowers will have to be […]

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