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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 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 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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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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Advisory and Business Consulting Business Accounting PPP Loans Small Business Relief

Parsons’ Senior Manager and CPA, Jonathan Dean, navigates the PPP at the Coffee Break Podcast

Watch above, as our Senior Manager and CPA, Jonathan Dean, navigates the PPP with Chad Lingafelt at The Coffee Break Podcast. The Payroll Protection Program has been a great yet challenging resource for Small Businesses. The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the […]

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Parsons CPA PPP Loans Small Business Advice Small Business Relief Tax Relief

New Federal Reserve Stimulus Programs Explained

Main Street Lending Program Small and medium-sized businesses are finally getting some much-needed help from the Federal Reserve. The main street facility is the latest of the Fed’s measures to support the economy through this crisis. Some investors believe that the monetary and fiscal backstop will help the economy recover enough to keep the stock […]