The New England Accounting Advisor

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

CARES Act Part Deux: New Funding and Additional Guidance

Posted by Chrissy Hammond on Tue, Apr 21, 2020 @ 05:07 PM

The CARES Act allocated $349 billion in funding for small business loans under the Small Business Administration’s 7(a) Paycheck Protection Program (PPP). As of Thursday April 16, this funding ran dry. It took less than two weeks from the April 3 rollout of the SBA loan program for this to occur, with total loans averaging $29 billion per day. Critical guidance that clarified the manner in which self-employed individuals request PPP loans emerged only three days prior to the funding depletion. Fortunately, Congress appears to be on the verge of replenishing funds available for PPP loans, so eligible business concerns should continue preparations to take advantage of this loan program.

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Topics: COVID19, Coronavirus, Families First Coronavirus Response Act, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP

Paycheck Protection Program and Economic Injury Disaster Loan Funding Depleted

Posted by Chrissy Hammond on Fri, Apr 17, 2020 @ 08:07 AM

The Small Business Administration (SBA) announced on April 15 that it is unable to accept new applications for the Paycheck Protection Program or the Economic Injury Disaster Loan Program because its appropriations have run out.

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Topics: COVID19, Coronavirus, CARES Act, Economic Injury Disaster Loan Funding, Paycheck Protection Program

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