You survived the initial business closures associated with COVID-19 and were lucky enough to obtain Paycheck Protection Program (PPP) and/or Economic Injury Disaster Loan (EIDL) funding. You may have even muddled through forgiveness applications. But you still need to figure out how to account for all this in your financial…
By Paul Thorstenson, CPA/ABV, CVA SBA has revised its PPP application to accommodate the new 24 week rules. But more important, they have issued a new EZ form. Great news….as it is certainly very simple! https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29.pdf https://content.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf With the 24 week extension, It will be very difficult for…
The SBA on 4/13/20 started sending the below message to businesses that applied for the EIDL $10,000 Grant.  The SBA has changed the qualification that you can only get the grant if you have employees. On March 29, 2020, following the passage of the CARES Act, the SBA provided small…
There are two mutually exclusive SBA loan programs that can benefit hard hit small businesses in South Dakota. We are not bankers, so let your banking expert chime in. EIDL (Emergency Injury Disaster Loans)Or PPP (Paycheck Protection Program) Eligible entities include any business with less than 500 employees AND which…
Updated April 1, 2020IF YOU HAVE NEVER READ AN EMAIL FROM KETEL THORSTENSON, LLP THIS IS ONE TO READ. The CARES act signed into law on Friday March 27 includes $10 billion in funding to provide an advance of $10,000 to small businesses and nonprofits within three days of applying for…
