Paycheck Protection Program Flexibility Act
By: Amy Johnson | 05.28.2020
The House passed a bill this afternoon that would provide businesses with greater flexibility with regard to their uses of Paycheck Protection Program (PPP) funds. The legislation — titled the Paycheck Protection Program Flexibility Act — was introduced by Republican Rep. Chip Roy of Texas and Democratic Rep. Dean Phillips of Minnesota. It is Read…
Guidance Regarding PPP Forgiveness
By: Amy Johnson | 05.18.2020
On Friday, the SBA released much-anticipated guidance regarding the forgiveness component of Paycheck Protection Program loans: SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application The guidance includes the forgiveness worksheet that borrowers will be required to fill out as well as information on the types of documentation that borrowers will need to maintain Read…
By: BrownWinick | 05.07.2020
Filing and Tax Payment Extensions to July 31, 2020 and Possibly January 31, 2021 The Iowa Department of Revenue has extended the tax return filing and payment deadline to July 31, 2020 for certain individual, composite (nonresident partners), partnership, corporate, S corporation, fiduciary (not including Iowa Form 706 Inheritance Tax returns), franchise, and moneys Read…
By: BrownWinick |
It’s been a few weeks since the Payroll Protection Program (“PPP”) was passed into law and businesses have been approved (and hopefully have received) loans from the Small Business Administration (“SBA”). Recipients of the loans are eligible to receive full forgiveness for their loans if at least 75% of the loan proceeds are used Read…
PPP Portal Opens to Small Lenders Only for 8 Hours
By: BrownWinick | 04.29.2020
On Wednesday, April 29, the U.S. Treasury and Small Business Administration (“SBA”) announced that for eight hours, big banks will be prevented from accessing the Paycheck Protection Program (“PPP”) portal. During this time, small lenders will have exclusive access to submitting applications for PPP loans. A lender with under $1 billion in assets qualifies Read…
By: BrownWinick | 04.27.2020
Late last week, Congress passed—and President Trump signed—a new round of small business relief funding, the Paycheck Protection Program and Health Care Enhance Act, which includes an additional $310 billion in funding for the Paycheck Protection Program (“PPP”). In just two short weeks, the first round of funding was exhausted, leaving many business owners Read…