Small Business Paycheck Protection Program

Updated May 28, 2020


LOAN FORGIVENESS

PPP Loan Forgiveness Guidance: Read Summary | View Guidance (5-26-20)

Revised AICPA PPP Loan Forgiveness Calculator (5-19-20) | AICPA Asks for More Clarity

SBA and Treasury Release PPP Loan Forgiveness Application | Instructions and Application  (5-15-20) | AICPA Urges More Detail (5-16-20)

AICPA Loan Forgiveness Matrix (5-5-20)

AICPA PPP Loan Forgiveness Recommendations (4-29-20)


Funding Directed to Underserved Communities (5-28-20)

House Passes Bill Easing Restrictions on Small Business Loans (5-28-20)

SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (5-22-20)

House to Vote on Stand-Alone Small-Business Loan Program Fixes (5-20-20)

New FAQ 48 - Deadline Extended for SBA Form 1502  (5-19-20)

Mid-Size Company Lending Program Will Start at End of May, Fed Officials say (5-19-2020)

FAQ No. 47 - Safe Harbor for Repayment Extended to May 18 | AND | Safe Harbor for PPP Loans Under $2 Million (5-13-20)

AICPA Calls for Clarity (5-12-20)

Mnuchin Open to Easing Loan Terms for Small Businesses (5-11-20)

TXCPA Calls for Withdrawal of IRS Notice 2020-32 (5-7-20)

SBA Extends Safe Harbor for Returning PPP Funds to May 14 (5-6-20)

New Senate Bill Would Make PPP-Funded Expenses Deductible (5-6-20)

SBA: EIDL Loan Portal Reopens for Agricultural Businesses Only (5-4-20) | Apply for Assistance

Guidance: Laid-off Employees Who Refuse to be Rehired (5-4-20)

AICPA Challenges Nondeductibility of PPP-Related Expenses | IRS Notice 2020-32 (5-1-20)

SBA System Not Accepting Automated Loan Preparations (4-28-20)

Small Business Loans Above $2 Million Will Get Full Audit, Mnuchin Says (4-28-20)

UPDATED: 5-6-20:  Interim Final Rule

How to Calculate Loan Amounts | Loan Calculation summary
Program basics flyer

AICPA Addresses CPA Firm-Lender Issues Related to PPP (4-24-20)  | AICPA Guidance update - Issues Related to CPA Involvement (4-22-20)

The Department of Treasury has released the Paycheck Protection Program (PPP) application and supplemental information, all available on its website. View more information below:


As a reminder, funds from this program:

  •  Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
  • Are 100% forgivable if used for the above purposes; and
  • Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.

While the application and documentation requirements are simple, make sure you review all the documents before advising any clients. Additionally, consider your clients’ intentions with other Small Business Administration loan programs when advising them on funding possibilities.

Main Street Lending Program
Find out more
Support for small and medium-sized businesses
Borrower Info.

OTHER SBA LOANS:

Small Business Guidance & Loan Resources

SBA Relief Options

Emergency Loans Small Business Guide

Economic Injury Disaster Loans


Community Development Financial Institutions (CDFI):
LiftFund


See more info.
(U.S. Chamber of Commerce)

Applications Open for Limited Small Business Grants (4-19-20) U.S. Chamber of Commerce


Thompson Reuters Resources

 

 

RESOURCES

CPE


CARES Act: Accountants Called to COVID-19 Front Lines

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Accounting and Financial Reporting Considerations Related to COVID-19

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Effective Virtual Teams and Virtual Meetings

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Work from Home with Microsoft Teams

On Demand