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Jenna Peabody

Recent Posts by Jenna Peabody

Small Businesses Granted Priority for Remaining PPP2 Funds
Posted by Jenna Peabody on Wed, Feb 24, 2021 @ 05:14 PM

On February 22, the White House announced changes to the Paycheck Protection Program that give exclusive access to certain small businesses.

Year-end legislation provided additional funding and an extension of the Small Business Administration’s Paycheck Protection Program (PPP) for the first quarter of 2021. Effective February 24, the Biden-Harris administration is instituting a 14-day holding period on new PPP applications (sometimes referred to as PPP2 loans) for businesses with 20 or more employees. The goal of the hold is to lessen the PPP competition for small businesses and sole proprietorships that may have had difficulty accessing the federal funds previously.

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Topics: Election, COVID19, Coronavirus, employees, CARES Act, Paycheck Protection Program, PPP Loan, PPP Loan Forgiveness, Biden, PPP2

Tax & PPP Loan Provisions in the Consolidated Appropriations Act
Posted by Jenna Peabody on Tue, Dec 29, 2020 @ 04:32 PM

On Dec. 27, 2020, President Trump signed into law the Consolidated Appropriations Act (the Act) that had been passed with overwhelming majorities in both Houses of Congress on December 21. Trump delayed the signing as he pursued, with the approval of Democratic members of Congress, an increase in the amount of Recovery Rebate checks from $600 to $2,000. Without explanation or fanfare, the President signed the bill to the surprise of members of both parties. On Dec. 28, the House passed a stand-alone bill to increase the stimulus payments to $2,000, but with voting along party lines it is expected to die in the Senate.

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Topics: individual tax, tax, tax deductions, Charitable contribution planning, Paid Family Leave, Paycheck Protection Program, PPP Loan, Stimulus, Employee Payroll Tax Deferral, Consolidated Appropriations Act

How the New PPP Law Affects Loan Forgiveness Requirements
Posted by Jenna Peabody on Mon, Jun 8, 2020 @ 11:01 AM

Changes have been made to the Paycheck Protection Program (PPP) to give loan recipients more leeway to qualify for loan forgiveness. President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law after the House and Senate passed it last week.

In addition to providing more breathing room for the loan forgiveness requirements, the PPPFA increases the minimum loan maturity date to five years for PPP loan balances not forgiven. The following takes a deeper dive into what the PPP loan forgiveness requirement now looks like.

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Topics: Donald Trump, Trump, CARES Act, PPP, payment protection plan, SBA, Small Business Administration, PPPFA, payment protection plan flexibility act, loan forgiveness

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