PPP loan returns may likewise be utilized for certain non-payroll costs. Allowable non-payroll costs incorporate business payments of home loan interest, other interest, lease, and utilities, like power, gas, water, phone, internet, and transportation utility expenses assessed by state and local le...
Updated 6/1/21: The PPP loan application portal is closed. PPP applications are no longer being accepted. For more information on other grants, loans and programs available to small businesses, please see these articles: 30+ Grants, Loans and Programs to Benefit Your Small Busines ...
In 2023, the PPP Loan Forgiveness Program will be available to eligible borrowers. This program will forgive all or part of the loan balance for those who meet the criteria. The forgiveness will be based on a borrower's use of the funds for eligible expenses such as payroll, rent, and ut...
Paying back the loan.Each bank will have to develop a process. But generally speaking, at the end of the eight weeks, you simply show evidence of your qualifying expenses to your lender bank and they forgive the equivalent amount on your loan. Any remaining loan amount will then need to b...
  While the CARES Act (P.L. 116-136) provided for tax-exempt treatment of the amount of loans forgiven, it did not address whether deductions for expenses associated with the loan forgiveness would still be allowed.IRS Notice 2020-32 provides a reminder that the Internal Revenue ...
Calculating The Maximum Amount Of A Paycheck Protection Program (PPP) Loan PPP loans were available to businesses, provided the business met two requirements. First, it had to be considered a “small business,” which was generally defined as those with less ...
Updated 6/1/21: The PPP loan application portal is closed. PPP applications are no longer being accepted. For more information on other grants, loans and programs available to small businesses, please see these articles: 30+ Grants, Loans and Programs to Benefit Your Small Business ...
The real success of the program and its loan forgiveness feature likely won’t be known for sure for years to come. Before then, however, much guidance from the SBA and IRS is still needed.
As of today, October 19, 2021, the "investigation" into the issue of not being able to change the FTE report's dates for the covered period (in our case our second PPP loan was disbursed in 2021) continues with no resolution in sight. Given the ...
has dwindled. This leads to a lot of loan deferments. Business owners are trying to determine the optimal time to layoff employees without harming what little business is still coming through the door. Then at some point, Greg’s phone stops ringing, as if people have begun to lose hope....