The U.S. Small Business Administration (SBA) initiated a 60-day period starting January 1, 2024, primarily targeting PPP borrowers with loans under $100,000. The aim was to inform these businesses about their loan status and the opportunities for loan forgiveness. 2023 The PPP Loan Forgiveness...
The PPP was intended to help businesses that have been hit hardest by the pandemic keep their workers on the payroll. It was meant to be a forgivable loan, provided certain criteria were met. The forgiveness is not automatic, however; businesses still must apply for it. If you took out a...
Sample: PPP Loan for $100,000. For this client, all transactions will still come out of the main checking account using the General Fund and qualifying expenses will be reimbursed with the PPP checking account. If your church is not required to open a new checking account to manage the PPP...
Loan forgiveness will not be reduced for borrowers who made a “good-faith, written offer” to rehire workers if the offer was declined. Many business owners have reported difficulties hiring back workers who are making more money from unemployment benefits or fear of being exposed to the virus....
BRIDGEPORT, Conn. (AP) — A Connecticut man was arrested Friday on bank and wire fraud charges, accused of fraudulently obtaining nearly $2.9 million in federal COVID-19 relief funds and using some of the money to buy expensive cars.
In this article, we will delve into the intricacies of the PPP loan program, explore the criteria for eligibility, and provide an insightful list of notable celebrities who availed themselves of these loans. Moreover, we will analyze the public reaction to these revelations, shedding light on ...
What Can PPP Loans be Used For? Once you have access to the cash, the allowable uses for first draw loans are outlined below ("(Note: Rules differ for second draw loans, see Second PPP Loan for full details.): Payroll support (paid sick leave, family leave, and corresponding costs rela...
The SBA stopped funding all PPP loans in May 2021.Existing borrowers may still be able to apply for loan forgiveness using the SBA'sPPP direct forgiveness portal. As a small business owner, the effects of COVID-19 probably hit close to home. Whether you’ve shuttered your business because ...
If you received a PPP loan, you may be able to apply for forgiveness. If this is granted, you won’t have to repay the loan. You should check if you are eligible for PPP forgiveness, and apply for it, as soon as possible.
CARES Act Update: Calculating PPP Loan Forgiveness and The Business Insurance Impact April 21, 2020 Anthony Mangiarelli, CPA, MST, KLR Sean Cottrell, Starkweather & Shepley Download PresentationWatch the Webinar Webinar CARES Act - Q&A Discussion on the Federal Response to COVID-19 ...