What Small Businesses Need to Know About the Second Draw PPP Loans

March 9, 2021

PPP Part Two: What Your Small Business Needs to Know The second draw of the U.S. Paycheck Protection Program (“PPP”) permits an additional $285 billion in loans to pandemic-impacted businesses at an interest rate of one percent and with five-year maturation. PPP loans are not subject to collateral or personal guaranty requirement. An entity is…

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SBA Releases Information on All Borrowers of a PPP Loan

December 8, 2020

All PPP Borrowers Information Released Under the FOIA When the Payroll Protection Program (PPP) was rolled out in April 2020, it was not part of the plan for all recipients of the loan to be disclosed publicly. That was, until the Small Business Administration (SBA) faced lawsuits and pressure from Congress, the media, and the…

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Answering Questions About PPP Loan Forgiveness

December 2, 2020

What You Need to Know About PPP Loan Forgiveness  The interesting thing about PPP loans that were given out to small businesses this summer because of the COVID-19 pandemic, is the fact that they can be completely forgiven if you match certain criteria. This naturally brings up lots of questions about the criteria. The Small…

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Analysis of President Trump’s Payroll Tax Holiday

September 22, 2020

Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday Following the failure of Congress to pass the most recent round of COVID-related economic stimulus, which has still not occurred, President Trump, by executive order, postponed the collection and remittance of Social Security taxes withheld from employees’ checks. This Social Security tax amounts to…

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PPP Loan – Counting of Employees and Foreign Affiliates

May 8, 2020

As previously discussed earlier this Spring, the Paycheck Protection Program (“PPP”) enacted through the CARES ACT is a Federal Program that has been marked with more questions than answers. As the days pass and the implications of the program are evaluated by the government and public, the Small Business Administration (“SBA”) and Department of Treasury…

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Does PPP need to be the last straw?

April 24, 2020

The rules for the Paycheck Protection Program (PPP) change daily, sometimes hourly. On April 23, 2020 the SBA issued a question whether an applicant can certify in good faith that the business needed the SBA loan as liquidity. Our suggestion is to avoid potential criminal charges to analyze the needs of the company and also…

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Debt Relief beyond the PPP – Loans Eligible for the SBA to make Six Months of Payments

April 15, 2020

For anyone considering a business acquisition, now may be a great time to do it. Many buyers finance business acquisitions using 7(a) loans. A 7(a) loan is a general-purpose loan up to $5 million, which can be used to purchase a business, purchase equipment, or obtain working capital, among other uses. 504 loans are loans…

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Can my PPP loan be forgiven in whole or in part?

April 6, 2020

Payroll Protection Program After the Small Business Administration (SBA) applications under the CARES Act for the Paycheck Protection Program are now possible and many banks have opened their portals and applications are pouring in, the next question is: can the loan be forgiven? The quick answer is: Yes. We suggest that you open a new…

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