The Small Business Administration (SBA) has forgiven over 98% of the total Paycheck Protection Program (PPP) loan value that borrowers requested them to forgive; recently, however, SBA has begun to issue more forgiveness PPP loan forgiveness denials. Many of these recent denials issued by the SBA are not consistent with… [Read more]
How to Appeal an SBA PPP Loan Forgiveness Denial
The U.S. Small Business Administration (SBA) is currently going through loan forgiveness applications to approve or deny claims. Businesses that filed for a PPP loan during the COVID-19 pandemic and used the funds correctly can apply for loan forgiveness. According to SBA, the loan is eligible for forgiveness if, “during… [Read more]
What to Do if My PPP Loan is Not Forgiven?
Business owners who applied for SBA PPP loan forgiveness, but were denied have a limited time frame in which to appeal the forgiveness denial. Read on to learn about the process of appeal, what steps you must take, and the strict timeframe in which you must file to appeal a… [Read more]
PPP Loan Applications are Closed as Fraudulent Cases Emerge
Over the past year businesses flocked to the Small Business Administration (SBA) to submit applications to receive their share of the federally allocated Paycheck Protection Program funding. PPP loans were distributed to businesses struck hard by the ongoing coronavirus pandemic. Their intended use was to help keep workers… [Read more]
Applying to SBA’s Paycheck Protection Program
On March 27th, 2020, Congress passed the CARES ACT, which included provisions that allowed banks to lend up to $349 billion in the Paycheck Protection Program set up by the Small Business Administration. The rules have changed several times and are likely to change again. For the time being, businesses… [Read more]
SBA PPP Loans: What You Need to Know
With the recent refunding of the SBA Paycheck Protection Program, there are a few details that you should know before you decide to apply. If you take out an SBA PPP Loan, you are required to spend 75% of that loan on the payroll. Any additional unused funds will be… [Read more]
Outdated IRS Systems Reach Tipping Point
During prior government closures, the IRS still was able to have essential workers be in federal buildings to process tax returns, sort mail, and process payments. The recent coronavirus pandemic blew that scenario out of the water due to health concerns, spread rate, and social distancing. 90% of US taxpayers… [Read more]
SURGE IN UNEMPLOYMENT MAY LEAD TO EDD AUDITS
The California Employment Development Department (EDD) has been overwhelmed with claims for unemployment insurance, as the numbers of Californians applying for the benefit increases every day. The receipt of unemployment insurance benefit is a right of California employees and those workers that are classified as independent contractors do not enjoy… [Read more]
Fed to audit all SBA PPP loans over $2m
Despite pressure, publicly held companies in business sectors from hotels to cruise ships are refusing to give back SBA PPP funds. The SBA has said that public companies with “substantial market value” and the ability to raise money through capital markets were not the intended recipients of the Small Business… [Read more]
1099s and SBA PPP (VIDEO)
It’s safe to say that everyone has been impacted by the COVID-19 pandemic, but small businesses have been hit especially hard by consequential long-term closures and plummeting sales. While it’s important to be creative when cutting costs in times like these, it’s equally pertinent to keep your business aligned with… [Read more]