By Jeff Drew – Journal of Accountancy The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close. The House of Representatives would have to pass the measure and President Donald Trump […]

By Jeff Drew Journal of Accountancy 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. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility […]

The Senate cleared the way for  much needed changes to the popular Paycheck Protection Program on Wednesday that will allow small businesses more flexibility in using the rescue loan funds.  The bill, which overwhelmingly passed in the House last week and is now headed to President Donald Trump’s desk, loosens some key rules regarding loan repayment and spending restrictions of the PPP. Highlights […]

The US House Passed Updated PPP Loan Forgiveness Rules As reported by the Journal of Accountancy 05/28/20 The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. The House bill, called the Paycheck Protection Flexibility Act, H.R. […]

The Small Business Administration and Treasury Department on Friday May 15th released the application for business owners to fill out in order to have their Paycheck Protection Program loans forgiven. The borrower is expected to complete the application and submit it to their lender, who will ultimately be responsible for assessing forgiveness. The process can be completed […]

As of May 6, 2020 PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Questions (FAQs) The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, […]

Families First Coronavirus Response Act On March 18 the Families First Coronavirus Response Act, FFCRA was passed to address concerns surrounding  COVID-19.  Included in the measures, to assist both employers and employees during this time are the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act.  These measures are effective […]

Is your business vulnerable to payroll fraud by your payroll provider? If you are using a payroll service provider that tax impounds you probably are open to the possibility of payroll fraud. Earlier this month a payroll company, MypayrollHR made the news for the unthinkable.  35 million of employee pay and tax deposits suddenly went […]