Revised PPP Loan Forgiveness Application and Updated Guidance20200619093342
Revised PPP Loan Forgiveness Application and Updated Guidance
FMLJune 19, 2020
On June 17, 2020 the SBA issued the revised PPP Loan Forgiveness Application(s) and issued Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules. Both provide necessary updates to loan forgiveness pursuant to the PPP Flexibility Act signed into law ...
Financial Recognition of PPP Loan20200616154509
Financial Recognition of PPP Loan
FMLJune 16, 2020
The AICPA has released Q&A Section 3200.18 answering a frequently asked question regarding how Companies will account for the forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A common thought is repeated in the AICPA’s document “[a]lthough the l...
Paycheck Protection Program Flexibility Act of 202020200608090700
Paycheck Protection Program Flexibility Act of 2020
FMLJune 8, 2020
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) which generally allows greater flexibility with respect to the Paycheck Protection Program, Section 7(a) business loans, that were enacted on March 27, 2020 as part ...
Urgent Update – PPP Flexibility Act20200604093437
Urgent Update – PPP Flexibility Act
FMLJune 4, 2020
Late night on June 3, 2020, the Senate passed the House’s PPP Flexibility Act which is expected to be signed by the President shortly. Main provisions/changes of the PPP Flexibility Act that will be discussed in detail include: “Covered Period” for spending PPP loan funds, and qualifying...