COVID-19 Resources

BiggsKofford offers the following articles and resources for you relating to COVID-19.

PPP Forgiveness Webinar Follow UP

June 24, 2020

We want to thank everyone who was able to attend our Town Hall webinar this morning with Chris Blees, CPA, CM&AA and Austin Bucket, ACA, CM&AA. We had great input from the audience and some really insightful discussion. We hope you all found it valuable. For those who were not able to attend live, we have the recording of…

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New PPP Loan Forgiveness Applications Released

June 18, 2020

The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. Join us for a Town Hall Webinar today at 10:00 by registering HERE for more information and input from the…

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The Current State of the PPP Forgiveness Process

June 16, 2020

On June 5th, President Trump signed the Paycheck Protection Program Flexibility Act of 2020, which made significant changes to the PPP program. The Bill he signed was the exact law passed as H.R. 7010 by the House of Representatives. Since then, the Treasury Department issued regulations on June 11th, which included some important pronouncements. All…

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HHS Provider Relief Fund Expanded to Medicaid & CHIP Providers

June 10, 2020

HHS Provider Relief Fund Expanded to Medicaid & CHIP Providers Today, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is announcing additional distributions from the Provider Relief Fund to eligible Medicaid and Children’s Health Insurance Program (CHIP) providers that participate in state Medicaid and CHIP programs.…

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JOIN US! PPP FORGIVENESS WEBINAR WITH THE EXPERTS

June 9, 2020

THE PREMIER PPP FORGIVENESS WEBINAR WITH THE EXPERTS The PPP Flexibility Act was signed into law last Friday. In a joint news release, the Small Business Administration and the Treasury Department said they will “promptly” issue rules and guidance; a modified application form; and a modified loan forgiveness application. These new rules have allowed greater flexibility…

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Breaking News: Significant Changes to PPP Loan Forgiveness Rules

June 4, 2020

Breaking News: Significant Changes to PPP Loan Forgiveness Rules The Senate on Wednesday evening passed by voice vote a House-passed Paycheck Protection Program reform bill, clearing it for President Donald Trump’s signature. The legislation — titled the Paycheck Protection Program Flexibility Act — was introduced by Republican Rep. Chip Roy of Texas and Democratic Rep.…

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Important Highlights from the PPP Forgiveness Application

May 20, 2020

Important Highlights from the PPP Forgiveness Application The SBA released the first draft of the Forgiveness Application and related Instructions on Friday evening (5/15/2020).  The application and instructions can be found HERE. Most of the Forgiveness Application and Instructions follow the same calculations and interpretations that we have been providing our clients to maximize their…

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Requirements for CARES Provider Relief General Fund Recipients

Requirements for CARES Provider Relief General Fund Recipients Below is an article from the GreenbergTraurig Law Firm blog. GreenbergTraurig did a great job at researching and summarizing the extremely complex process regarding the Relief General Fund and required documentation. We appreciate the hard work that went into this article. The original format of the article…

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PPP Loan Forgiveness Application Released

May 18, 2020

PPP Loan Forgiveness Application Released On May 15th, The U.S. Department of Treasury’s Small Business Administration (SBA) finally released the Paycheck Protection Program (PPP) loan forgiveness application, which can be found HERE. The application will include two critical supporting schedules: Schedule A and the worksheet to Schedule A. PPP loan borrowers will submit this application to…

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SBA’s Updated Guidance Regarding “Necessity Certification”

May 13, 2020

THE SBA’S MOST RECENT FAQ CLARIFIES SAFE HARBOR RULES In the Small Business Administration’s (SBA) most recent Facts and Questions (FAQ’s), updated May 13th which can be found in further detail HERE, clarifies that ONLY loans over $2 Million will need to have further due diligence to verify that the loan was “necessary”. FAQ 46,…

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HHS Provider Relief Funds – Automatic Payments & New Application Portal

May 7, 2020

HHS Provider Relief Funds – Automatic Payments & New Application Portal Medical practices that serve Medicare patients can participate in the Provider Relief Funds under the CARES Act.  HHS provider relief funds were released in two automatic disbursals released on or around Friday April 16th and again on April 24th as automatic payments. In addition…

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Latest News on PPP Loans

As many already know, we have new developments regarding the Paycheck Protection Program (PPP) loans and the associated forgiveness aspect. Below is a brief summary of a few of the more recent updates. For more information, please visit our COVID-19 Resource Page.   Update 1 – Self Employed Individuals The SBA provided some much-needed guidance relating…

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IRS Denies Deductions for PPP Expenses

May 1, 2020

A primary aspect of the CARES Act was the Paycheck Protection Program. It is so popular that additional funds were appropriated for it. The essence of PPP is that a business borrows from the SBA based on 2.5 months of last year’s payroll. If it spends the money within eight weeks on payroll and certain other…

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COVID-19 Small Business Response Checklist

April 27, 2020

*Updated as of 4/27/2020*   COVID-19 Small Business Response Checklist Small Business Owners are being stretched and challenged by the recent COVID-19 crisis. In addition to the health and operational changes, Small Business Owners are facing unprecedented financial pressures. Meanwhile, governmental programs and new laws are being announced daily – in an attempt to help.…

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IRS Releases FAQs for Payroll Tax Deferrals

April 20, 2020

IRS Releases FAQs for Payroll Tax Deferrals   The IRS issued Frequently Asked Questions (FAQs) that clarifies the interaction between the employer relief provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the loan forgiveness provision for employers that receive a Paycheck Protection Program (PPP) loan. Section 2302 of the CARES Act permits…

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PPP LOAN FORGIVENESS – SOME CLARITY WOULD BE NICE!

PPP LOAN FORGIVENESS – SOME CLARITY WOULD BE NICE!   Now that many small businesses have received their PPP loans, we are all trying to make sense of the Forgiveness Rules. BiggsKofford is assisting clients by forecasting the forgiveness amounts and we’ve developed forgiveness calculators to assist you with the process.  We are reading and…

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COVID-19 RESOURCES