PPP Archives - Salt Lake City's CPA's https://cpaofsaltlakecity.com/tag/ppp/ Certified Tax Professionals in Utah Wed, 10 Jun 2020 01:01:40 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.1 Good News for Small Business Owners Regarding the PPP https://cpaofsaltlakecity.com/good-news-for-small-business-owners-regarding-the-ppp/ Wed, 10 Jun 2020 01:01:01 +0000 https://cpaofsaltlakecity.com/?p=7891 On Friday, June 5, the new Paycheck Protection Program Flexibility Act of 2020 was signed. This new legislation amends the Small Business Act and the CARES Act. The Paycheck Protection Program Flexibility provides PPP borrowers with more flexibility on PPP loan forgiveness. Here are some of the highlights: Gives borrowers the option to extend the “covered period” for loan forgiveness from ... Read More

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]]> On Friday, June 5, the new Paycheck Protection Program Flexibility Act of 2020 was signed. This new legislation amends the Small Business Act and the CARES Act.

The Paycheck Protection Program Flexibility provides PPP borrowers with more flexibility on PPP loan forgiveness. Here are some of the highlights:

  1. Gives borrowers the option to extend the “covered period” for loan forgiveness from 8 weeks to 24 weeks.
  2. Lowers the minimum loan amount required to be spent on payroll from 75% to 60%
  3. Extends the repayment period from 2 years to 5 years.
  4. Extends the June 30, 2020 “safe harbor” deadline for companies to rehire employees to December 31, 2020.

We encourage small business owners to be informed on the Paycheck Protection Flexibility Act of 2020 and how it might benefit you.

The post Good News for Small Business Owners Regarding the PPP appeared first on Salt Lake City's CPA's.

]]> Just released: SBA “Paycheck Protection Program Loan Forgiveness Application” Form and Instructions https://cpaofsaltlakecity.com/just-released-sba-paycheck-protection-program-loan-forgiveness-application-form-and-instructions/ Wed, 20 May 2020 19:53:55 +0000 https://cpaofsaltlakecity.com/?p=7836 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

The post Just released: SBA “Paycheck Protection Program Loan Forgiveness Application” Form and Instructions appeared first on Salt Lake City's CPA's.

]]> 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 prepare and submit this loan forgiveness application. Luckily for you, Ferrone and Associates can be that CPA.  At Ferrone and Associates, we can assist you with the preparation of your loan forgiveness application to ensure that you are properly prepared and the application process goes smoothly. Just give us a call at (801) 685-7600 and we will help clear the confusion!

The post Just released: SBA “Paycheck Protection Program Loan Forgiveness Application” Form and Instructions appeared first on Salt Lake City's CPA's.

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