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One provision for businesses was the PPP (Paycheck Protection Program) loan program. There have been some updates to the program, including the loan forgiveness provisions. Comprehensive example filled in on loan forgiveness application Who should attend: CPAs in public practice seeking an update on the latest tax developments affecting loans and loan forgiveness. Tags: covid-19 , Forgiveness , Loan , Provisions 2021-04-06 · The amount of PPP loan forgiven will apply as a credit or cash refund in the same manner the PPP loan proceeds were used by the contractor. If, for example, the PPP loan proceeds were used to pay rent, and rent is included in an indirect cost pool, that cost pool should be credited in the period the PPP loan was forgiven. On October 12, 2020, the SBA released Loan Forgiveness Application (SBA Form 3508S), a simpler application for Paycheck Protection Program (PPP) loans of $50,000 or less.
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The forgiveness provisions have evolved. The criteria for forgiveness has evolved as well, but the main provision is that at least 60% of the loan was used for payroll costs in the 24 weeks after The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation share. Do I need any documentation to prove my expenses for forgiveness? PICPA-Supported PPP Loan Forgiveness Provision Becomes Act 1 of 2021 You know the issue you are advocating for is urgent when it ends up being the first item on a new legislature’s agenda. That’s the position the PICPA government relations team found itself in when the Paycheck Protection Program loan forgiveness provision it supported ended up becoming Act 1 of 2021 on Feb. 5. PPP loan forgiveness application forms differ depending on your business type and whether it’s your first or second application.
Recent PPP changes make it easier for many businesses to obtain PPP loan forgiveness. Includes a tip sheet to maximize your ability for full loan forgiveness.
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New PPP Loan Forgiveness Provisions Introduced in Latest SBA/Treasury Interim Final Rule. June 24, 2020 Holly Ferguson COVID-19; June 24, 2020 Holly The new definition of the loan forgiveness “coverage period” begins on the date the lender deposits the PPP loan proceeds into the borrower’s bank account and ends on any date selected by the borrower that occurs no earlier than 8 weeks from the date of disbursement and no later than 24 weeks after the date of disbursement. California Bill AB-80 was recently amended and includes some significant changes as it pertains to PPP Loan Forgiveness for California Tax purposes. WHAT ARE THE HIGHLIGHTS OF THE CHANGES MADE TO CA AB-80?
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They were provided during a May 8 webinar attended by more than 470 1 Jun 2020 Section 3(b) of the Flexibility Act amended the requirements regarding forgiveness of PPP loans to reduce, from 75 percent to 60 percent, the 28 May 2020 The SBA has issued an interim final rule addressing PPP loan forgiveness. Here's our summary of key provisions. 27 May 2020 To be eligible for forgiveness, payroll costs incurred during the borrower's last pay period of the covered period (or alternative payroll covered 5 Jun 2020 Original CARES Act Provision: PPP loans would have a maximum maturity of ten years from their origination dates, and the SBA's guidance 18 Nov 2020 Issued through the Small Business Administration and underwritten by U.S. banks, PPP loans provided paycheck protection and other relief to 20 May 2020 This situation has been exacerbated by limited and frequently changing Interim Final Rules and FAQs issued by the SBA. The PPP Loan.
Generally, enterprises that received PPP loans under $2 million should use PPP Loan Forgiveness Application Form 3508S (commonly known as SBA Form 3508) to apply for forgiveness.
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The average number of FTEs from February 15, 2019 – June 30, 2019 is 200. Confusion About PPP Loan Forgiveness Coverage Period What Coverage Period Can I Use when Applying for Forgiveness? The Economic Aid Act which became law on December 27, 2020, extends the authority to make PPP loans through March 31, 2021, and revises certain provisions of the original PPP law included in the CARES Act. New Legislation Regarding PPP Loan Forgiveness. The Consolidated Appropriations Act of 2021 includes provisions that further simplify the PPP loan forgiveness application process for loans of $150,000 or less.
All PPP loans are undergoing an automated review, and all loans of $2 million or more undergo a manual review. Last week, the SBA, in conjunction with the U.S. Treasury, issued the revised PPP Loan Forgiveness Application, which incorporates changes based upon the Paycheck Protection Program Flexibility Act (PPPFA). As you may recall from previous articles, the PPPFA provided several new forgiveness criteria, which are incorporated in the Application.
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A key provision of forgiveness is that employee expenses must be paid during an eight-week "covered period" after receiving the loan proceeds. The same goes for the rent, utilities, and interest expenses. Any expenses paid outside that eight-week window would have to be paid back within the two-year timeframe.