COVID Loans and Funding
Nonprofit Organizations Now Eligible for the Main Street Lending Program
AAFCPAs would like to make nonprofit clients aware that the Federal Reserve announced changes to its Main Street Lending Program to “provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.” Which Nonprofits Are Eligible? The Main Street Lending Program is now open to tax-exempt organizations established under […]
Guidance for Businesses Navigating the Financial Crisis
As you may be aware, the Senate and House have both passed an extension to the deadline for businesses to apply for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan program. The measure will now go to the President for his signature. Still, much uncertainty remains, including the promise of another federal aid […]
Guidance on the SBA’s New Applications for PPP Loan Forgiveness
On June 16th the Small Business Administration (SBA) released a series of new applications and instructions for the forgiveness calculation for the Paycheck Protection Program (PPP) loans. The application has been broken down into two documents: application and instructions. A new, simpler EZ form with corresponding instructions has also been introduced. AAFCPAs has provided for […]
Deadline to Apply for PPP Loan is June 30, 2020
AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available. AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent […]
Main Street Lending Program Update
AAFCPAs would like to make clients aware that on June 8th, 2020, the Federal Reserve announced changes to its Main Street Lending Program to “allow more small and medium-sized businesses to be able to receive support.” The changes include: Lowering the minimum loan size for certain loans to $250,000 from $500,000; Increasing the maximum loan […]
PPP Flexibility Act Extends Covered Period of Loan
AAFCPAs would like to make clients aware that on June 5, 2020 the President signed into effect the Paycheck Protection Program (PPP) Flexibility Act, which would provide greater flexibility in how businesses may spend PPP loan proceeds. The act provides new flexibility to PPP borrowers, including: Expanding the original 8-week forgiveness period to 24 weeks. […]
PPP Guidance on Hazard Pay, Bonuses, and Employees Who Decline to Return
AAFCPAs would like to make clients aware that the Small Business Administration (SBA) released an interim final rule on May 22nd confirming and clarifying a few points related to the Paycheck Protection Program (PPP) forgiveness calculation. Hazard Pay & Bonuses On page 11 of the interim final rule, the SBA clarifies that bonuses or hazard […]
Watch Now: AAFCPAs’ Guidance on SBA Loan Forgiveness Application
On Friday, May 15, 2020, the Small Business Administration (SBA) released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application & Instructions. When the PPP loan program was announced back in March, it left business owners and their advisors with more questions than answers. The application and instructions are not without issues, but they do […]
AAFCPAs Guidance on SBA Loan Forgiveness Application
UPDATE: On June 5th, the president signed into law the PPP flexibility act. You may read about those changes here: PPP Flexibility Act Extends Covered Period of Loan. As of June 16th, the SBA has yet to update their forgiveness application and therefore this blog will be updated once a new version of the application […]