SBA has simplified the loan forgiveness process

Ferrone & Associates CPAsBlog

Good news for borrowers with PPP loans of $50,000 or less: The SBA has simplified the loan forgiveness application process. Now you just need to fill out a 1-page application, provide supporting documentation, and certify that funds were used for approved purposes in order to qualify for forgiveness. Documents Required: 3rd Party payroll reports (Gusto, ADP, Paychex, etc.) or self-generated … Read More

Just released: SBA “Paycheck Protection Program Loan Forgiveness Application” Form and Instructions

Marci RomneyBlog

It has become clear that the SBA requirements for loan forgiveness will require detailed records and supporting documents.  Navigating a lengthy and detailed application can be tricky, but the good news is that you will be rewarded for your hard work.  To make sure everything is done correctly you will want a qualified CPA in your corner to help you … Read More

SBA slashes disaster-loan limit from $2 million to $150,000, shuts out nearly all new applicants

Marci RomneyBlog

An emergency disaster lending program for small businesses has been so overwhelmed by demand that it has significantly limited the size of loans it issues, while blocking nearly all new applications from small businesses, according to people familiar with the situation. After initially telling businesses that individual disaster loans could be as high as $2 million, SBA has now imposed … Read More

U.S. Small Business Administration offering assistance during Coronavirus

Marci RomneyBlog

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. … Read More