PPP Flexibility Act – Good news! Or maybe Good news?? Congress passed the Paycheck Protection Program Flexibility Act of 2020 and the President signed it into law. This is a short bill (3 pages) but has the much-anticipated extension of the Covered Period. Here are the highlights of the bill: Highlights of the PPP Flexibility…
PPP Loan Forgiveness Update- This past weekend the SBA released the much-awaited PPP Loan Forgiveness Application. You can access it here: Just prior to the release of the application we recorded a video explaining, in detail, how the loan forgiveness calculation works and we walk through the Tembo PPP Loan Forgiveness Calculator. Check it out…
PPP Loan Forgiveness & Taxation The SBA resumes receiving applications for the PPP loan today, following the second round of funding that was approved by Congress last week. At this point, it appears that about 30% of those of you who have applied for the PPP Loan have received funding. I’m hopeful that the other…
The CARES Act, SBA, and US Treasury have combined over the past three weeks to generate more questions than we’ve had to field in the last three years combined! Goodness! We’ll attempt to punch through these quickly for you. Stimulus Checks We are starting to hear that clients are receiving stimulus checks. If you haven’t…
As usual, this is a long blog. Sorry! There’s just so much to share with you. Take a few minutes and read through this please – it’s important stuff, especially if you haven’t filed your PPP loan application yet. It’s a gross understatement to say that the CARES Act and the Interim Final Rule lacked…
I was on the phone until almost 11pm last night talking with several different bankers about the PPP loan program. The US Treasury and SBA issued a 31 page “Interim Final Rule” (LOL – kind of an oxymoron, no?) yesterday afternoon at about 4pm. There are some clarifications in it, and a couple small changes:…
We’ve received a lot of questions the last couple days about PPP Loan Do’s and Don’ts. Here are some of the most common questions that we believe you all need to know about: Can I include my 2019 1099-MISC contractor payments in my “Payroll Costs?” Yes! The CARES Act has two subsections for the definition…
We are very happy to inform you that the online application for the PPP loan has finally been published. Download Here COVID-19 and the CARES Act are putting employers in situations where solutions are unclear. We want to help bring some clarity to the table. Over the past few days, we have received a lot…
Good news! Just in the last hour the House passed HR 748 – CARES Act and the President has signed it. The bill, as it pertains to small businesses, remained unchanged from. Here are the final terms: The maximum loan amount from a 4X factor to a 2.5X factor Rent and utility payments are included…