PPP LOAN FORGIVENESS PROCESS – PART 3 How to Complete the SBA 3508 Loan Forgiveness Application – The final Piece

Loan Forgiveness Part 3

By Steve Whitehill, Anchor Business Brokers To this point we have covered how to determine the “Cash” compensation portion of payroll for the Schedule A worksheet of the loan Forgiveness application (SBA Form 3508). The next topic is the Non-Cash Compensation & Compensation to Owner. Non-Cash Compensation First, we will be […]

PPP LOAN FORGIVENESS PROCESS – PART 2 How to Complete the SBA 3508 Loan Forgiveness Application

Loan Forgiveness Part 2

By Steve Whitehill, Anchor Business Advisors If you have questions after reading this series please feel free to contact us. In part 1 we discussed what you got the PPP loan for and what you can use the money for. In this installment, we will be filling out part of the […]

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. […]

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) […]

SBA Economic Injury Disaster Loans

Coronavirus

This article is very very closely follows an article I received from MBFA. It should be noted that this does not cover what the current Bill in Congress (as of 1:30 PM Eastern Time). Pursuant to the latest guidance from the SBA, small businesses that meet the SBA’s revenue OR the […]

The How to of Disaster Relief

Anchor Business Brokers & Advisors

SBA Disaster Relief This site allows the public to see what relief is available by state and county. https://disasterloan.sba.gov/ela/Declarations/Index/?utm_source=pardot&utm_medium=image&utm_campaign=MC_Partners_SBA_Relief_Assistance_03_17_2020 Apply for a Disaster Relief Loan This file walks you through the steps to apply for a loan, and the documentation that is needed to complete the request. https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf   SBA Disaster […]

The Corona Virus is taking its toll – SBA Providing Disaster Loan Assistance in Many States Affected

Corona Virus

The U.S. Small Business Administration thru its disaster relief program is offering low-interest coronavirus disaster relief loans for working capital to California, New York, Washington, and dozens of other state’s small businesses that are suffering substantial economic damage as a result of the COVID-19. Not all states have applied for this […]

Successfully Navigating the SBA Lending Process

Signing on the Dotted Line

For buyers seeking acquisition financing, an SBA 7(a) loan can be a fantastic tool.  Relative to conventional loans that typically require down payments of 30% or more, buyers utilizing SBA loans can make a down payment of 10-25% (more on this later), and obtain a low fixed rate (a small amount […]