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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…

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…

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,…

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…

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…

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…

*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.…

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…

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…

The CARES Act Provider Relief Fund Payment Attestation Portal is now open HERE.  Providers who have been allocated a payment from the initial $30 billion general distribution must sign an attestation confirming receipt of the funds and agree to the terms and conditions within 30 days of payment. What to do if you are an…

The Paycheck Protection Program, part of the new CARES stimulus package, is a federal loan program aimed at helping small businesses, including sole proprietors, independent contractors, and eligible self-employed individuals, who have been severely impacted by COVID-19. The main objective of the loan is to help these businesses retain their workforce. As a self-employed individual, this…

President Trump is providing support to healthcare providers fighting the COVID-19 pandemic. On March 27, 2020, the President signed the bipartisan CARES Act that provides $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. This funding will be used to support healthcare-related expenses or lost…

Now due on July 15, 2020: 2019 Form 1040 2019 Form 1040 Balance Due Payments First Quarter Individual 2020 Estimated Payments Second Quarter Individual 2020 Estimated Payments Taxpayers were granted additional, broad tax filing and payment deadline relief by the IRS late on Thursday, in line with relief requested by the AICPA over the past…

PAYROLL PROTECTION PROGRAM – APPLICATION UPDATE   BiggsKofford’s PPP Support Team has been actively assisting clients with the calculations needed to complete Payroll Protection Program (PPP) loans. The law was only passed 10-days ago (amazing what has happened in just 10-days). In that time, the SBA has released a draft application, initial borrower and lender…

The Coronavirus Aid, Relief and Economic Security (CARES) Act is a reality! Our clients are now asking, “How do we apply?”  The SBA must now write rules and regulations to give specific instructions for these loans.  Those rules are expected in the coming days and weeks. So, you can’t actually apply for one of these…

We at BiggsKofford recognize the SBA Forgivable Loan Program noted below will be of significant interest to our clients. We are already in discussions with many of the largest and most active SBA lenders to prepare for the application process in advance. These lenders are telling us the SBA will need to issue specific regulations…