06/22/2020The U.S Small Business Administration (SBA,) with the help of Treasury, has altered the Paycheck Protection Program (PPP) loan forgiveness application. The SBA also revealed a new EZ application for PPP loan forgiveness. NOTABLE CHANGES TO THE PPP LOAN FORGIVENESS APPLICATION AND INSTRUCTIONS For S corporations, the shareholder portion of employer contributions for employee health … Read more
After applying for and receiving a Paycheck Protection Program loan (PPP Loan), many businesses are trying to determine how to account for the loan on their financial statements. This week, the American Institute of Certified Public Accountants issued Technical Question and Answer (TQA) 3200.18, which addresses accounting for these loans for nongovernmental entities. Nongovernmental entities … Read more
When it comes to the IRS, we have the historical data to determine the statistical odds if a return will be selected for audit. The Paycheck Protection Plan (PPP) is something new, so we do not have historical data. However, the odds are, with over 4.4 million loans amounting to $510.2 billion dollars, there will … Read more
Tuesday, June 2nd, 2020, ADKF, CPAs hosted part II of a Live Webinar over Paycheck Protection Program (PPP) Loan Forgiveness. You will find below, a list of the most frequently asked questions from the webinar. Click on the question youre interested in to find the answer. Disclaimer: ADKF is not responsible for any errors or … Read more
On June 5, 2020, President Trump signed into law, the Paycheck Protection Program Flexibility Act. The Act was created in response to the lack of flexibility of the Paycheck Protection Program’s forgiveness stipulations and has expanded the opportunity to attain complete forgiveness. Below is a summary of the changes that the Paycheck Protection Program Flexibility … Read more
On Friday the Small Business Administration (SBA) in consultation with the Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act … Read more
The SBA recently updated their FAQs and issued another interim final rule which provides additional guidance on the certification of need “safe harbor” and makes available additional loans for certain partnerships and seasonal employers. Safe Harbor for the Certification of Need Under FAQ 47, borrowers that received a PPP (Paycheck Protection Program) loan and later … Read more
Enter Phase 4 of the Stimulus Package Apprehensions continue to grow as the economic impact of COVID-19 rattles across the world. We already have the CARES Act and the Paycheck Protection Program (PPP) loan, now the House is setting up the next circulation of legislation to help families and small businesses persevere. Although it is … Read more
Friday, May 1, 2020, ADKF, CPAs hosted a Live Webinar over Paycheck Protection Program (PPP) Loan Forgiveness. You will find below, a list of the most frequently asked questions from our webinar. Click on the question you’re interested in to find the answer. To download the full list of questions and answers, click the link … Read more
Tuesday, April 28th, Treasury Secretary, Steven Mnuchin, announced the government will audit any company receiving more than $2 million from the Small Business Loan Program. We are ready to help bankers, attorneys, & their clients with audit services around their SBA PPP Loan, immediately. If you have any clients who need assistance, please call us … Read more