PPP loan Tag

Converting Small PPP Loans To Grants – A Worthwhile Policy Proposal

Congress is eyeing further legislative modifications to the Paycheck Protection Program, one of the pillar programs of the $2.2 trillion CARES Act enacted in response to the Coronavirus pandemic. One of the policy proposals making its way through the chambers of Congress include automatically forgiving PPP loans that are less than $150,000. The idea of automatic forgiveness for relatively small PPP loans can be attributed to the Consumer Bankers Association and the Bank Policy Institute, two prominent lobbying groups that represent large financial institutions. Current Loan Forgiveness Requirements are Administrative Hassle It is possible for a small business owner to have some, or...

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Overview of Payroll Tax Relief Enacted to Help Businesses Struggling in the Midst of the Coronavirus Pandemic

Congress recently passed legislation aimed at encouraging business owners to continue paying the wages and benefits of employees by providing payroll-related tax credits, loans, and other forms of necessary relief. If you own a business, the InSight Law team wants to ensure you are fully aware of the various programs and tax incentives available to help you during this difficult and unprecedented time. Payroll Tax Relief for Businesses with Less than 500 Employees There are now tax credits available to help business owners cover the expense of paid sick leave and paid family leave. There is also tax-free forgiveness for Paycheck Protection...

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PPP Loan Program Deadline Extended to August 8th

The President signed a bill into law extending the deadline to apply for a loan through the Paycheck Protection Program (PPP) to August 8th. The original deadline to apply for a PPP loan was June 30th. However, it was discovered that roughly $130 billion still remained in the loan program (Congress originally allocated $660 billion to the program). Both chambers of Congress approved the PPP loan program extension unanimously and the President signed it into law. The sponsors of the PPP declared they want to re-purpose the program to better serve the challenges businesses are facing now, according to NPR.org. "As the...

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Advice to Help You on Your Path to PPP Loan Forgiveness

With the passage of the Paycheck Protection Program Flexibility Act of 2020 ("PPPFA"), small business owners will enjoy greater flexibility and a relatively easier path to toward forgiveness of their PPP loan. For example, one of the key provisions within the PPPFA is that a small business owner remains eligible for loan forgiveness even if they do not rehire all of their employees that were furloughed or laid off in the midst of the Coronavirus pandemic. The Treasury Department and Small Business Administration (the agency tasked with managing the Paycheck Protection Program), released new loan forgiveness forms that dramatically reduced the...

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ALERT – Major Developments in the Paycheck Protection Program

There were numerous developments in the management and administration of the Paycheck Protection Program. The Treasury Department issued a series of new, and controversial, regulations detailing the steps necessary to qualify for loan forgiveness. and the U.S. House of Representatives passed a sweeping bill that would make major modifications to the PPP program.  So, if you have a PPP loan, make sure to read this article from start to finish. Let's start with the Treasury regs governing loan forgiveness. If you are a business owner hoping to utilize a reasonable, straight-forward PPP loan forgiveness process, you are going to be disappointed....

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