ppp loan forgiveness

Did Your Lender Approve Only Partial Forgiveness of Your PPP Loan? You May Be Able to Request an SBA Loan Review

Effective January 27, 2022, the Small Business Administration (SBA) issued Procedural Notice 5000-827666. This new process allows those Paycheck Protection Program (PPP) borrowers who have received partial forgiveness approval by their lender to request SBA review of that forgiveness decision.  SBA review is entirely at the SBA’s discretion. The SBA has received many inquiries from…

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Businesses provided a lifeline CAA enhances PPP loans and extends Employee Retention Credit

Businesses Provided a Lifeline: CAA Enhances PPP Loans and Extends Employee Retention Credit

The Consolidated Appropriations Act (CAA), passed late last year, provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. Two of the provisions that business owners likely are most interested in are the $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and…

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PPP loan denied

Employers Whose Request for Forgiveness of PPP Loan has Been Denied May Claim the Employer Retention Credit

Employers whose request for forgiveness of PPP Loan has been denied may claim the Employer Retention Credit related to those wages. The IRS has acknowledged that this guidance is being provided late.  It is noted that taxpayers are not required to use the following fourth quarter procedure, but may instead opt to file a Form…

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PPP loan forgiveness

PPP Loan Forgiveness Process and Forms Updated by the SBA

The 2021 Consolidated Appropriations Act (CAA 2021) included several updates regarding the forgiveness of PPP loans. Most of these changes seek to simplify the process and allow greater flexibility to businesses. Key points to remember when thinking about PPP loan forgiveness include: Changes to forgiveness forms and procedures – New or updated forms for applying…

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ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs. Recipients of PPP loans may also qualify for debt forgiveness…

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ppp loan forgiveness

SBA Releases New FAQs Addressing PPP Loan Forgiveness

On August 4th, the SBA in consultation with the Department of the Treasury released a new set of frequently asked questions addressing PPP loan forgiveness. These FAQs address some, but certainly not all, of the questions we have been asking. The FAQs clarify the following issues: As long as borrower submits a loan forgiveness application…

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