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SBA Streamlines PPP Forgiveness for Loans of Less Than $50,000!

October 9, 2020

SBA Streamlines PPP Forgiveness for Loans of Less Than $50,000! A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. On Thursday, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less than $50,000. The forgiveness is not…

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HHS Provider Relief Fund Reporting Guidance

September 22, 2020

HHS Provider Relief Fund Reporting Guidance On September 19, 2020 the US Department of Health and Human Services (HHS) issued Post Payment Notice Reporting Requirements.  All recipients of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary.  Below…

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PPP Loan Update

September 21, 2020

The U.S. Department of the Treasury recently announced rules required for business owners to make use of the Paycheck Protection Program’s (PPP) loan forgiveness feature. The updated guidance provides both challenges and opportunities for local business owners. In addition, the SBA opened its PPP Loan Forgiveness portal recently. However, there are still some important questions that…

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HHS Extends Deadline for Phase 2 General Distribution Funding

September 14, 2020

Applications are now due by Sunday, September 13, 2020. Follow the link HERE to apply now.  The Phase 2 distribution is intended for Medicaid, CHIP, and dental providers, who didn’t receive funding in the first round of distributions. The HHS allocated $15 billion from the CARES Act Provider Relief Fund for these providers, and applicants can receive up…

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IRS Issues Guidance on Payroll Tax Deferral

August 31, 2020

The IRS issued guidance on the payroll tax deferral that was ordered by the President in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021.…

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HHS Provider Relief Fund – General and Targeted Fund Update

July 24, 2020

HHS Provider Relief Fund – General and Targeted Fund Update HHS issued a limited update Monday July 20th.  The update suggests that providers who received more than $10,000 in PRFs (i.e., any payment under the $50 billion General Distribution, Medicaid/CHIP distribution, or various targeted distributions) will be subject to “future reporting requirements” and that detailed instructions regarding…

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Governor Signs the Healthy Families and Workplaces Act

The Governor signed the Healthy Families and Workplaces Act on July 14, 2020. 2020: For the remainder of this year, the Act will require all employers to comply with the emergency paid sick leave requirements of the Families First Coronavirus Response Act (FFCRA). The paid sick leave provision of the FFCRA mandates that an employer…

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SHARED INVITATION

June 24, 2020

Clients and Friends of BiggsKofford, I’m happy to pass along an invitation for the Scaling Up Workshop, being offered on Wednesday July 1. Many of the BiggsKofford Shareholders and clients have attended this workshop, and everyone believes it was well worth their time (and the small fee). As with most events – this will be…

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PPP Forgiveness Webinar Follow UP

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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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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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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