SBA Launches PPP Forgiveness Portal

The U.S. Small Business Administration (SBA) this week officially launched its new streamlined Paycheck Protection Program loan forgiveness portal, for loan recipients of $150,000 or less in 2nd draw PPP funding. The program will open to the broader general public on Wednesday of this week, August 4. Although at the present time, the forgiveness portal…

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Remaining COVID Relief $$ Going Too

It’s a similar situation with SBA’s popular Paycheck Protection Program (PPP), which was funded for a 2nd round of forgivable business loans in the $1.9 trillion American Rescue Plan Act. The PPP loan portal was closed to most applicants earlier this month despite the fact that the program was officially extended until May 31.  There…

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SBA Exhausting PPP Funds

Although the Small Business Administration (SBA) is slated to continue taking applications for the popular Paycheck Protection Program until the end of this month, it appears the agency has exhausted its funds for most lenders.  The SBA acknowledged earlier this week that it was not accepting applications for new loans from most lenders – but…

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PPP and EIDL Loans Exempted

The Commonwealth of Massachusetts caught up with the federal government and many other states this past week when Governor Charlie Baker signed many parts of HB 90 into law. Of primary importance to small business owners, the legislation excludes proceeds from Paycheck Protection Program (PPP) loans along with Economic Injury Disaster Loan (EIDL) advances from…

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PPP Extended to May 31

President Biden signed the PPP Extension Act of 2021 into law this week and small businesses around the country now have an additional 60 days to apply for the SBA forgivable loan program.  Further, on top of the additional time allowed to apply, the law also gives the Small Business Administration (SBA) an additional 30…

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House Votes to Extend PPP

On Tuesday, the U.S. House of Representatives voted, by an overwhelming margin of 415 – 3, to approve a two-month extension of the Paycheck Protection Program (PPP).  The PPP is currently set to expire on March 31 but under the House-passed measure, the SBA would continue to accept and approve applications from businesses for the…

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Biden Signs COVID Bill into Law

  Earlier this week, the House of Representatives approved the Senate changes to the $1.9 trillion COVID relief bill and President Biden without any delays at all, signed it into law yesterday. Aside from the direct stimulus payments of $1400 to most Americans under certain income levels, the bill includes an additional $7.25 billion going…

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Is PPP in the Home Stretch or Due for Extension?

As the calendar takes us deeper into March, the current iteration of the Small Business Administration’s Paycheck Protection Program (PPP) is closer to its scheduled March 31 expiration – but reports of its death may be exaggerated as pressure is building nationally to extend the program. With the House passing the American Rescue Act of…

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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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