Posts by Aprio Author
PPP Loan Forgiveness Application Road Map
SBA Releases Loan Forgiveness Application for PPP Loans $50k or Less
On October 8, 2020, the U.S. Small Business Administration (SBA) released the Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (October 8 IFR). You can read Aprio’s summary of the October 8 IFR here. Concurrently, the SBA issued an alternative loan forgiveness application, SBA Form 3508S. Who…
Read MoreSBA Releases Additional Interim Final Rule with Significant Changes to the PPP
On October 8, 2020, the U.S. Small Business Administration (SBA) released the Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (October 8 IFR) which significantly impacts the Paycheck Protection Program (PPP). The purpose of the October 8 IFR is to further simplify (i) the forgiveness and loan…
Read MoreSBA Further Clarifies Deferral of PPP Loan Repayments in FAQ 52
On October 7, the SBA released FAQ 52 to provide clarity regarding the deferral period for payments on Paycheck Protection Program (PPP) loans. At the inception of the PPP, the deferral period could end after six months. With PPP loans funded as early as the first week of April, that six-month period would be ending…
Read MoreWhen Can You Apply for PPP Loan Forgiveness?
As many PPP loan recipients are nearing the end of their 24-week Covered Period, we have observed an increased level of uncertainty and concern about when and how to apply for loan forgiveness. Banks of all sizes have been hesitant to begin accepting loan forgiveness applications. While many are rolling out invitations to apply in…
Read MoreIRS Issues New Guidance on Reporting PPP Loan Forgiveness
As more recipients of the PPP loan take steps towards receiving the loan forgiveness provided through the CARES Act, the IRS is releasing more information and guidance for both lenders and borrowers. Most recently, the IRS announced a change in how lenders should handle forgiveness from a filing perspective, deviating from the typical processes when…
Read MoreIs Your Company Eligible for the Employee Retention Credit?
If you aren’t familiar with the Employee Retention Credit (“ERC” ) yet, you probably want to check out the first article in our series on this valuable tax credit opportunity. In short, the ERC is a fully refundable tax credit for companies experiencing severe business disruptions due to COVID-19. Employers can receive up to $5,000…
Read MoreThe Employee Retention Credit Can Provide Up to $5k per FTE Oct. 31 2020
Businesses that either did not receive a loan through the Paycheck Protection Program (“PPP”) or that repaid their PPP in a timely fashion should explore their eligibility for the Employee Retention Credit (“ERC”), one of the tax-relief provisions of the CARES Act passed on March 27, 2020. The ERC is designed to encourage businesses experiencing…
Read MoreThree Important Clarifications in the SBA’s August 24th Interim Final Rule for PPP
On August 24, 2020, the U.S. Small Business Administration (SBA) released another update to the Paycheck Protection Program (PPP), the Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. Included in the latest guidance are three notable clarifications from prior guidance impacting PPP loan borrowers: 1) Certain individuals are exempt from…
Read MoreSBA Releases First Set of Frequently Asked Questions on PPP Loan Forgiveness
After a six-week hiatus, the U.S. Small Business Administration (SBA) released new guidance for Paycheck Protection Program (PPP) loan borrowers. Included in the August 4, 2020, Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, are three notable clarifications from prior guidance impacting PPP loan borrowers: Accelerated payments of healthcare coverage and retirement plan contributions; Payments…
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