On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered...
COVID-19
PPP extension bill approved by Senate, signed by President
On June 5, 2020, the president signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small...
House passes bill to extend, expand provisions of PPP
On May 28, 2020, in a nearly unanimous vote, the U.S. House of Representatives voted to extend certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds. While President Trump...
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...
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...
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...
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...
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...
IRS Releases Guidance on PPP Loan Forgiveness
The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA). While coverage on how to apply for PPP loans was...
SBA Paycheck Protection Program Updates
Over the last several days, there have been some developments and clarifications related to the Paycheck Protection Program (PPP). The PPP program loan funds were increased by $310 billion to a total of $659 billion on Friday, April 24, 2020, when the President signed...