Tax Warrior Chronicles

PPP Update #23 - New Portal Links PPP Borrowers Directly with SBA for Loan Forgiveness

Posted on Thu, Aug 12, 2021

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here#1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

From the beginning, the Small Business Administration (SBA) has struggled with making the Paycheck Protection Program (PPP) process easy for borrowers to navigate. One confusing question has been do businesses work through the SBA or through their lender to secure forgiveness? A new portal launched on August 4th by the SBA targets borrowers with loans up to $150,000 and allows them to apply for forgiveness

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PPP Update #22 – White House Announces Adjustments to PPP Program

Posted on Tue, Feb 23, 2021

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

As the Paycheck Protection Program (PPP) saga continues, today we have a brief update on recent developments. Yesterday, the White House provided a fact sheet outlining proposed changes to the Paycheck Protection Program. While there are no specifics cited within the fact sheet, it does “explain” some of the processing delays associated with this round of PPP. The fact sheet also provides some insight into changes

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PPP Update #15 – Forgiveness FAQs and Applications

Posted on Wed, Aug 12, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

Welcome to the 15th iteration of what is new with the Paycheck Protection Program. There are no prizes for remembering anything in the first 14, but we hope to provide some clarity on specific issues addressed in the Frequently Asked Questions (FAQs) on PPP Loan Forgiveness (Forgiveness FAQs) issued on August 4. The Forgiveness FAQs are the first piece of significant additional guidance issued since our last

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PPP Update #10 - Potential Changes & Forgiveness Regulations

Posted on Tue, May 26, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Treasury kicked off the holiday weekend on Friday, May 22, by releasing its 14th Interim Final Rule (IFR) addressing loan forgiveness for the Paycheck Protection Program (PPP) loans.  This new IFR clarified certain issues while leaving others outstanding.  Today’s blog will focus on the clarifications so borrowers, many nearing the end of their 8-week Covered Period, can make decisions around what is known. 

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PPP Update #9 – Loan Forgiveness Application Released by SBA

Posted on Mon, May 18, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Many hoped the delay in guidance regarding Payroll Protection Program (PPP) loan forgiveness meant SBA and Treasury were taking their time coordinating an application and associated guidance to provide borrower’s clarity. Regrettably, on Friday evening, May 15, the SBA released the PPP Forgiveness Application with no additional guidance issued by the Treasury.  While we had a passing thought that maybe the

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PPP Update #8 – What If I Can’t Rehire My Employees? Should I Keep My PPP Money? Can I Get More PPP Money?

Posted on Thu, May 14, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

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PPP Update #7 – What’s New? – Clarity on Deductibility of Expenses & Other Items

Posted on Fri, May 01, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

 

While many await formal guidance about the Paycheck Protection Program (PPP) loan forgiveness, the SBA and Treasury were busy issuing various other guidance this week.  Today, we outline and provide our thoughts about this week’s guidance, including deductibility of expenses paid with PPP funds and PPP eligibility standards.

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PPP Update #6 - Additional Funding Signed into Law & Eligibility Guidance Updated

Posted on Fri, Apr 24, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates#1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

Our last Paycheck Protection Program (PPP) blog on Thursday, April 16, covered long-awaited guidance for self-employed individuals and partnerships. However, that same day, the SBA announced the PPP ran out of money.  Today, we bring you good news about additional funding and an update on eligibility guidance.

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PPP Update #4 - Paycheck Protection Program – FAQs Issued and Updated

Posted on Wed, Apr 08, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

Over the past week we’ve provided several updates on the evolving, and sometimes, inconsistent guidance provided by the U.S. Department of Treasury and the Small Business Administration (SBA) regarding the Paycheck Protection Program (PPP) introduced by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  We began with an introduction, provided an update when the first draft of the

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PPP Update #3 - Paycheck Protection Program Loan - Regulations & Final Application Released

Posted on Fri, Apr 03, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

At this point, our readers should be familiar with the Paycheck Protection Program (PPP), the intent behind it, and the guidance issued as of April 2, 2020.  Today we have summarized key changes included in the new guidance issued overnight between April 2 and April 3, including the Final Borrower Application and related regulations.

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