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...

04 June

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Overview of the Modifications Made to the Paycheck Protection Program

Posted by Bobby Feisee

in Bobby's Blog, News

Congress took a big step in modifying the problematic Paycheck Protection Program (commonly referred to as the "PPP Program"). This program was created as part of the multi-trillion dollar aid package to help Americans and small businesses in the midst of the Coronavirus pandemic. However, the lack of clear guidance on how to administer the PPP Program by the Treasury Department and Small Business Administration led to a chaotic roll out and a number of large businesses gobbling up funds meant for smaller businesses hit hardest by the economic shut down brought on by COVID-19. The chaotic roll out was...

01 June

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Major Developments in the Paycheck Protection Program Pt. 2

Posted by Bobby Feisee

in Bobby's Blog, News

In addition to new regulations governing loan forgiveness, another major development with the PPP program was the passage of legislation that would significantly modify key provisions within the program. The U.S. House of Representatives, by a vote of 417-1, passed the "Paycheck Protection Program Flexibility Act." This legislation aimed to address numerous concerns raised by small business owners since the passage of the CARES Act. The PPPFA reduces the amount of the loan needed to be spent on payroll from 75 percent to 60 percent. This means you will be able to spend more of the PPP loan on rent, mortgage...

01 June

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ALERT – Major Developments in the Paycheck Protection Program

Posted by Bobby Feisee

in Bobby's Blog, News

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....