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PPP Loans Small Business Relief

PPP Loan Forgiveness Application Due Date

The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right […]

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PPP Loans

Have a PPP loan $50,000 or less? Forgiveness has been simplified.

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. Under the […]

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PPP Small Business Relief

New PPP Notice Gives Borrowers Transfer Guidelines And Procedures

The provisions of the new Notice are summarized below: 1. Will Not Apply After a PPP Note is “Fully Satisfied” A PPP note is considered to be “fully satisfied” only once one of the following has occurred: The borrower has repaid the PPP note in full; The SBA has remitted funds to the bank lender […]

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Parsons CPA

Parsons CPA Announces Newly Appointed Executive

Charlotte (NC) Parsons CPA announces the appointment of Alyssa S. Carlson to the Executive Team as Senior Manager. Alyssa’s extensive knowledge of Attest Services, specialization in the niche markets of Employee Benefits Plan Audits and SOC Examinations, combined with Tax and Business Consulting has led her to be an integral asset to Parsons CPA and […]

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Parsons CPA

Parsons CPA Announces Management, Senior Promotions

Charlotte (NC) Parsons CPA, PLLC announces promotions to Management and Senior Level Consultant Positions. Along with new positions, various members of staff have also achieved new levels of recognition within their positions. Parsons CPA expects more promotions to follow as the firm grows and talent continues to reach new heights.     This year has been […]

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Parsons CPA PPP Loans Small Business Relief

New PPP Forgiveness Guidance Issued

The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Specifically, the interim final rule establishes that owner-employees with less than a 5% stake in a C or S corporation are exempted from the PPP owner-employee compensation […]

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Advisory and Business Consulting Parsons CPA Small Business Loans

End of LIBOR: What Small Businesses Need To Know

As 2021 draws near, our business world is getting closer and closer towards the phasing out of LIBOR, an interest- rate reference that has been used in both lending and borrowing contracts since the mid-1980s. As this phasing out occurs, businesses both small and large, financial and nonfinancial, will feel and see the impact of […]

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Parsons CPA PPP Loans Small Business Relief

PPP Loan Forgiveness FAQs

The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans. The FAQs, published in a new 10-page document, are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their […]

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Parsons CPA

Partner, Alisa Johnson, Celebrates 20 Years with Parsons CPA, PLLC

As Partner at Parsons CPA, PLLC, Alisa Johnson has been a driving force in making area small businesses successful. With over 20 years in Public Accounting and 10 years in Private Industry, Alisa has been a symbol of trust, vision and dedication to local business owners. Alisa celebrates this milestone as Parsons CPA, PLLC also […]

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Parsons CPA

IRS’s Updated Deadline Calendar (7/17/2020-12/31/2020)

In the world of Accounting, one deadline is almost immediately followed by another. Below is a list of the updated IRS due dates remaining in 2020.   Friday,7/17/2020 Deposit payroll tax for payments on Jul 11-14 if the semiweekly deposit rule applies. Wednesday,7/22/2020 Deposit payroll tax for payments on Jul 15-17 if the semiweekly deposit […]