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…
Read MoreAll 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…
Read MoreWhat 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…
Read MoreAnalysis 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…
Read MoreAs 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…
Read MoreThe 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…
Read MoreFor 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…
Read MorePayroll 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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