Updates to SBA’s PPP loan FAQ for borrowers and lenders
(authored by RSM US LLP) We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders....
19 August, 2021
PPP Tag
IRS Issues Employee Retention Credit Gross Receipt Exclusion Procedure
(authored by RSM US LLP) Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test....
11 August, 2021
PPP Direct Forgiveness Portal Opens Aug 4
SBA Release Number 21-58 New portal will streamline applications for loans $150K or less The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans...
31 July, 2021
SBA Formally Withdraws Loan Necessity Questionnaire
(authored by RSM US LLP) Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn....
15 July, 2021
PPP Extension to May 31
(authored by RSM US LLP) PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications....
25 March, 2021
Exclusive Access Period Coming to PPP
(authored by RSM US LLP) Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees....
23 February, 2021
PPP Forgiveness and Expenses: State Tax Implications
(authored by RSM US LLP) States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income....
15 January, 2021
PPP Reopening for First Draw borrowers Jan. 11; Second Draw Jan. 13
(authored by RSM US LLP) Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021....
08 January, 2021