SBA, Biden Announce Changes to PPP

This week, the White House and Small Business Administration (SBA) announced significant changes were being made to the parameters of the Paycheck Protection Program. The changes largely serve to make the program even more attractive to small businesses with an extra focus on those located in underserved and minority communities. Primary amongst the changes is…

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Wisconsin Amends Tax Law for PPP

An ongoing problem with the acceptance of Paycheck Protection Program loan forgiveness has been with the tax treatment by a business’ home state of the forgiven monies and the expenses the PPP funds have paid for. While the federal government addressed the issue with the passage if the most recent COVID relief bill in December,…

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SBA Rolling Out Fixes to PPP Round 2

Complaints from various industry groups about the roll-out of the second round of the Paycheck Protection Program may be finally yielding favorable results, as the Small Business Administration (SBA) announced this week it was loosening the reins on participating lending institutions. On Wednesday, in the hope of speeding up the process, the SBA said it…

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Paycheck Protection Program Reopens Tuesday

Last week, the Small Business Administration (SBA) and the US Department of the Treasury announced that the Paycheck Protection Program will reopen next Tuesday, January 19, 2021 to all lenders. The SBA this week began opening the program in phases so as to better reach underserved and minority-owned small businesses with community financial institutions, minority…

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COVID Stimulus Replenishes PPP

Although there will be further guidance coming on the particulars of the latest COVID Stimulus bill from a regulatory standpoint, the legislation became law when the President signed the bill last week. Of primary import to small business owners, the law restores the tax deductibility of business expenses that were paid for with PPP loan…

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SBA Releases EIDL Details

The U.S. Small Business Administration (SBA), which managed the Economic Injury Disaster Loan Program (EIDL) as well as the Paycheck Protection Program (PPP) among other loan programs, released detailed information about both EIDL and PPP earlier this month in accordance with a court order. The programs, both of which were designated in early March to…

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SBA Must Release PPP Loan Recipients

A federal judge has given the Small Business Administration (SBA) until next Thursday, November 19, to release the names of all businesses that received loans under the Paycheck Protection Program. Washington DC-based U.S. District Court Judge James Boasberg ruled that borrower information – including the loan amounts from the Paycheck Protection Program (PPP) as well…

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CFA Webinar on COVID and PPP Loan Forgiveness

Next week on Thursday, November 19, DDIFO will host another exceptional and timely webinar sponsored by the Coalition of Franchisee Associations (CFA) from 2:00 – 3:00 PM EST. While the country recovers from the elections, the prospects of a virus vaccine are much improved, but the effects of COVID-19 continue to shut down franchises across…

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SBA Circulating “Loan Necessity” Questionnaires

The Small Business Association (SBA) last week began sending out a new questionnaire, the Paycheck Protection Program Loan Necessity Questionnaire (SBA Form 3509), to businesses that received PPP loans in excess of $2 million during the coronavirus pandemic. The agency is demanding new details about individual business operations in order to justify the aid and…

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Senate Democrats Block “Skinny” Relief Bill Again

The United States Senate again failed to muster enough votes to bring a COVID relief bill worth about $500 billion to the Senate floor for consideration. By a party line vote of 51-44, the “skinny” measure for the second time in five weeks, failed to get the 60 votes required to move it forward for…

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