Double-dipping isn’t about chips and queso anymore. By this point everybody is somewhat familiar with the Coronavirus Aid, Relief and Economic Security (CARES) Act. Discussions about the Paycheck Protection Programs (PPP) and Economic Injury Disaster Loans (EIDL) are now common points of discussion at the office and at home…
https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf On May 16, the SBA issued an 11 page PPP loan forgiveness application form, which you will need to provide to your bank at the end of the 8 week covered period. We encourage you to study this carefully and begin filling out the necessary information. The…
QA #46 was published May 13, 2020, which is a regulation and has the force of law. Now with clarity, any PPP borrower with a loan under $2 million will be protected under a “safe harbor” that they have borrowed the funds in “good faith.” Prior the publication of this…
PLEASE NOTE: much of the information in this article is now outdated due to new rules. See the most recent article at https://www.ktllp.cpa/sbas-loan-forgiveness-application-form-3508-ppp-loans/ Many of you have obtained the Paycheck Protection Program (PPP) loans. This means your eight week clock is underway. Allowable expenditures during this…
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…
Late yesterday (April 2), the SBA issued an Interim Final Rule for the Paycheck Protection Program. If you are applying for this program, this is mandatory reading. There is little information that is new in this guidance. But some information is frankly shocking, and also frustrating is that many questions…
Updated April 23, 2020 On Friday, March 27, a historic, bipartisan deal was signed into law to offer $2 trillion in health care and economic relief to Americans and businesses amid the ongoing novel coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a massive aid package…
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…
