Paycheck Protection Program Updates

PPP is Broker

By MATTHEW LUTTINGER & BRAN NOONAN of Date   May 8, 2020 The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provide short term loans to companies with fewer than 500 employees and other companies (such as those in the restaurant and hospitality industry). Such […]

Covid-19 Update April 30, 2020

https://www.bocaaccounting.com/

By N. Richard Grassano, Boca Accounting, LLC Recent updates in relief packages and stimulus payments  Let us begin with the$ 1200/500 stimulus payments. Many of you may have received your US Treasury Check and many of you probably have not. The promised website to give you a status report on your […]

A Lookback on PPP and What Happened – the First Round

PPP is Broker

The following is based on and extracted from an article in The Motley Fool by Ollen Douglass and a Report from the SBA. As of April 16, the SBA’s statistics are: Summary *Net Approved Dollars do not reflect the amount required for reimbursement to lenders per statute within the CARES Act. […]

What todo with the PPP Funds & How to get the PPP Funds forgiven

Paycheck Protection Program

The following was extracted from a Treasury FAQ page on their website. What follows are answers to some questions if have been asked. Can my PPP loan be forgiven in whole or in part? Yes. The amount of loan forgiveness can be up to the full principal amount of the loan […]

Paycheck Protection Program – What is included in “Average Monthly Payroll” & What can I use the money for?

Paycheck Protection Program

This article is an extracted from and article by Fenwick & West LLP. & Treasury Department website. Maximum Amount — The sum of (i) borrower’s average total monthly “payroll costs” during the one-year period leading up to loan origination multiplied by 2.5 (i.e., 2.5 times average monthly payroll costs) plus (ii) […]