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Congress passed programs to provide financial assistance to companies during the COVID-19 pandemic, including the employee retention credit (ERC). The ERC provides eligible employers with credits per employee based on qualified wages and health insurance benefits paid. Continue Reading
The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. Continue Reading
Firms can build on the relationships with clients that were bolstered during the pandemic. Continue Reading
The U.S. Small Business Administration (SBA) did not meet the 90-day statutory requirement to remit Paycheck Protection Program (PPP) forgiveness payments to lenders for loans totaling $66.4 billion, according to a report released Monday by the Office of the Inspector General (OIG). Continue Reading
Paycheck Protection Program (PPP) borrowers that received only partial loan forgiveness from their lenders have a new process for appealing the lender's decision to the U.S. Small Business Administration (SBA). Continue Reading
On Thursday, the IRS provided guidance on the treatment of amounts excluded from taxpayers' gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. Continue Reading
Many firms only experienced a small decrease in revenues during the COVID-19 pandemic, and are now in a position to reinvest their Paycheck Protection Program federal grant/loan. Continue Reading
Despite the launch of the the SBA's new PPP Forgiveness Portal, many borrowers are still encountering difficulties with loan forgiveness. According to SBA data, 6% of borrowers will not receive full loan forgiveness. Continue Reading
The SBA has several loan programs that have clear guidance for borrowers. Learn how PPP and 7(a) loan fees are taxed from the lender's perspective. Continue Reading
Despite the promise of loan forgiveness for borrowers who use their PPP funds correctly, many business owners are struggling to pay back a portion of their loan. Continue Reading