As a follow up to today’s webinar, we are providing the recording of our June 25, 2020 presentation, the slide deck and all related links. Please note the links in the PDF slide deck are active. Additionally, the AICPA has released PPP loan forgiveness calculators. The general PPP loan forgiveness calculator and instructions can be found here. The calculator for self-employed individuals can be found here. A recording of today’s webinar can be found here. The slide deck can be found here.
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Entries by Hedy Mancini
New Paycheck Protection Program (PPP) guidance released on June 22nd, declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money. In a 34-page interim final rule (IFR) issued in consultation with Treasury, the U.S. Small Business Administration (SBA) addresses a number of issues related to the PPP. Specifically the new interim final rules makes revisions previous guidance, most significantly: For a borrower applying for loan forgiveness before the end of the covered period and […]
The American Institute of Certified Public Accountants (AICPA) has published a summary of the Paycheck Protection Program Flexibility Act of 2020. The summary can be found here. The complete legislation is available here.
The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. Revised PPP Loan Forgiveness Application can be found here and instructions can be found here. EZ PPP Loan Forgiveness Application can be found here and instructions can be found here. Additional application highlights can be found here.
The Treasury and Small Business Administration (SBA) has issued two sets of revisions to the Business Loan Program Temporary Changes; Paycheck Protection Program. The new guidance includes among other things: Covered period for a PPP loan allows for extension to December 31, 2020. For loans made before June 5, 2020, the maturity is two years; however, borrowers and lenders may mutually agree to extend the maturity of such loans to five years. For loans made on or after June 5, […]
A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under other models, if certain conditions are met, according to new guidance for borrowers issued Wednesday by the AICPA. The Technical Question and Answer (TQA) 3200.18 (TQA) addresses accounting for nongovernmental entities only (which include business entities and not-for-profit entities (NFPs)). Read more here.
During these challenging and uncertain times in which lessees affected by COVID-19 negotiate with their landlords to postpone or avoid making rent payments, the FASB Staff provided relief on the accounting for such concessions. On April 10, 2020, the FASB Staff issued a Q&A on the accounting for lease concessions related to the effects of the COVID-19 pandemic under ASC 842, Leases (and ASC 840, Leases for entities that have not yet adopted ASC 842). This publication offers insights in […]
The U.S. Small Business Administration (SBA) and Treasury issued clarification on Monday, stating that borrowers under the Paycheck Protection Program (PPP) can qualify for partial loan forgiveness if less than 60% of the PPP loan is used for payroll. Read more here. We anticipate additional new rules, applications and guidance to be issued soon. Stay tuned for a webinar update following the release of more SBA guidance.
The Laramie Chamber Business Alliance (LCBA) and City of Laramie announce the availability of grants and loans to support COVID-19 recovery and relief for local businesses. For more information, click here. For the application and instructions, click here
On Wednesday, June 3rd, the U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. Other provisions include: The payroll expenditure drops to 60% from 75%; Loans can be extended up to five years; Borrowers can choose to extend the 8-week period to 24 weeks. A full summary of these and other changes can […]