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This COVID-19 Business Resources page is dedicated to providing useful resources, helpful links, and the latest news to help companies and employers navigate through the financial and general challenges and questions resulting from the Coronavirus.

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News Releases:

  • Latest Update on PPP Loan Forgiveneness December 30, 2020

    • ​Now that the President has signed the long-awaited stimulus package passed by Congress last week, our CPA Todd Gunn shares some significant changes impacting the PPP loan program in this blog post, including no tax on PPP loans, expanded eligible expenses for forgiveness, more flexibility for borrowers following clarification of the covered period, streamlined Forgiveness Application Expanded for Borrowers Up to $150,000, and New Round of PPP Loans Available to Businesses.

  • Timing of Tax Impact Related to PPP Loan Forgiveness November 20, 2020

    • The IRS issued Revenue Ruling 2020-27 on November 18th, giving much needed clarity to the timing of the tax impact related to PPP loan forgiveness. Our CPA Todd Gunn provides the following information relating to this latest update in this blog post.

  • August 24th Interim Final Rule and August 2020 FAQs on PPP Loan Forgiveness August 31, 2020

    • Another Interim Final Rule was issued regarding the Paycheck Protection Program last week that addresses the threshold for the limitations on owner-employee compensation, along with guidance on rent & mortgage interest paid to a related party. There was also a FAQ on loan forgiveness issued earlier in August that covers multiple topics, some of which have already been covered in prior Interim Final Rules and the loan forgiveness application instructions. Todd Gunn covers the key take-aways from both in this blog post:

  • June 22 PPP Developments, Ruling and Updated PPP Loan Forgiveness Application Forms June 25, 2020

    • ​Last week, the SBA published the revised PPP Loan Forgiveness Application, Form 3508. This new version has been trimmed down to 5 pages and has given some additional insight on how certain aspects of changing to the 24 week covered period will impact the forgiven amount. The SBA also released a shortened version of the PPP Loan Forgiveness Application, Form 3508EZ, that can be used if certain criteria are met. In addition, another Interim Final Rule was issued last week and an additional Interim Final Rule was released on Monday, updating the rules again. A few key pieces of information from the new forms and interim final rule are explained by Todd Gunn in this blog post

  • SBA reopens Economic Injury Disaster Loan (EIDL) program to all small businesses effective June 15, 2020  June 17, 2020

    • The Small Business Administration (SBA) reopens Economic Injury Disaster Loan (EIDL) program to all small businesses effective June 15, 2020. EIDL applications already submitted before the portal shut down on April 15 will continue to be processed on a first-come, first-served basis. SBA also began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses on June 15. Visit the SBA website to learn more about eligibility and to apply. The EIDL comes with the chance to apply for a cash advance of up to $10,000. While the loans call for repayment, the cash advances need not be repaid, even for applicants who ultimately don't receive a loan. While the loans are tax-free, the tax status of the advances remains unclear. Further information can be found in this June 16th Jacksonville Business Journal Article
  • Did You Miss Our PPP Loan Forgiveness Live Webinar? Watch the Recording.  June 16, 2020

    • Have you received or applied for the Paycheck Protection Program and want to ensure you maximize loan forgiveness? On June 10, 2020, CPAs Todd Gunn and Dwin Horne hosted a live webinar on Paycheck Protection Program (PPP) Loan Forgiveness regarding the latest guidance from the SBA in regards to expenses qualifying for forgiveness and potential limiations, exploring the loan forgiveness application and getting PPP questions answered. Visit our blog to watch the recorded PPP Loan Forgiveness webinar and to read the Questions and Answers.  
  • Latest PPP Key Changes as of June 3rd: Congress Agrees on Favorable Changes to Paycheck Protection Loans  June 4, 2020

    • ​​On June 3rd the Senate voted to approve the changes to the PPP Loan program that the House passed earlier this week.  The bill is now expected to be signed by President Trump.   A few of the key changes are covered in this blog post

  • May 22 PPP Final Interim Rules Provide Further Guidance And Some Surprises  May 26, 2020

  • This Forbes article does a good job summarizing the latest changes to PPP rules made 5/22. The Conclusion: “Early to bed, Early to rise, Spend PPP money in the 8 weeks for payroll, rent, interest and utilities, and what is left after June 30 can be used to advertise.” And, we particularly liked the closing statement: “In the meantime, please be very kind to CPA’s, who have both tax filing and now PPP loan deadlines to attend to as best they can.”
  • Tools to Help You Calculate Potential Forgiveness of Your PPP Loan  May 15, 2020

  • We offer the following tools from payroll services provider, ADP, and the American Institute of Certified Public Accountants (AICPA):  ADP PPP Loan Forgiveness Estimator and AICPA Calculator (Excel file). We encourage you to begin using to test different scenarios as you utilize the funds to the fullest extent of forgiveness. Please feel free to call or email us if you wish to discuss with one of our tax experts and learn more about our reasonable engagement options to help you with the process.

  • In this update issued today following much confusion and concern surrounding last week’s new requirements and cautionary, perhaps even threatening, language, the SBA appears to have softened their stance. We draw your attention to Question #46 in the FAQ below, which essentially states, PPP loans under $2 Million will fall under a safe harbor in which the SBA will automatically deem the required certification to have been made in good faith. We view this as excellent and sensible news, as it appears to remove the risk for these borrowers of being held to an ever changing definition of the vague, initial self-certification language. It also reinforces that borrowers receiving greater than $2 Million will be audited, but it clarifies that for borrowers “failing” the audit, the SBA will seek repayment, and as long as repayment is made, it will not pursue other enforcement actions. This also is a favorable interpretation as some had speculated the SBA would allege fraud in such scenarios. This is very good news for all PPP borrowers. Do not hesitate to contact us with any questions or, under no obligation, to speak with one of our experts.
  • Amidst the shifting sands of PPP, the U.S. Small Business Administration and U.S. Department of the Treasury have created more requirements you need to know. Still, ambiguity remains over who is even eligible to receive the PPP loan. Below is a link to the SBA FAQ’s, updated May 6. We draw your attention to #31, 37 and 39, addressing adequate sources of liquidity, forgiveness and review of need.
  • We continue working hard to gain an in-depth understanding of PPP and provide clarity where confusion exists. Although much of this latest Q&A from the Treasury Department addresses lender questions, the SBA states there will be no challenges if these guidelines are followed. We want to bring particular attention to Q31 and the ability to return funds by May 7th if companies now realize they don’t meet the new definition of required need.