PPP

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PPP Loan Application Deadline Extended to May 31, 2021

Today, President Biden signed an extension of the popular Paycheck Protection Program (PPP), which was created last year to help small businesses weather the economic fallout from the coronavirus pandemic. The deadline to apply for a PPP loan has been extended from March 31 to May 31, 2021. The law…

March 30, 2021

PPP Rule Change for Schedule C Filers

As expected, the U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C to calculate their maximum loan amount using either gross income or net profit instead of just net profit. The limit of $100,000 of PPP eligible…

March 5, 2021

Proper Accounting for PPP Loans

The CARES act provided funds through the Paycheck Protection Program (PPP), administered by the Small Business Administration (SBA), to support businesses and nonprofits that were impacted by the COVID-19 pandemic. Many businesses were successful in being granted these funds. With the modifications to the program, most businesses in our region…

January 7, 2021

A New Round of COVID-19 Relief Announced

Dear Clients and Friends – Just in time for Christmas, Congress brought us a new round of COVID-19 relief today.  Turning coal into diamonds, there are provisions of this act which are a benefit to taxpayers. A few highlights to note: Congress fixed the deductibility of PPP expenses. Business expenses paid…

December 22, 2020

Nonprofit Accounting for PPP and EIDL Funds

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…

September 3, 2020

PPP Forgiveness Update

Automatic and Simplified Forgiveness Process Coming? Currently, there are bi-partisan proposals in Congress which may allow ‘automatic’ forgiveness for small PPP borrowers ($150,000 or less) by signing a simple good-faith attestation.  There appears to be a high probability this legislation will pass.  In addition, borrowers between $150,000 and $2,000,000 will…

August 26, 2020

PPP Forgiveness Now Made Easy

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…

June 17, 2020

PPP Extension

Paul Thorstenson, CPA/ABV , CVA You may want to throw away your current applications for PPP loan forgiveness.   The Senate passed the Paycheck Protection Program Flexibility Act last evening, and the President is expected to sign it into law today. Key Provisions: Covered period is expanded to 24 weeks from…

June 4, 2020