PPP Loan Forgiveness

PPP Loan Forgiveness

PPP Direct Forgiveness Portal Created & Why the Loan Questionnaire Was Discontinued

Bailey Scarano Blog, Tax & Money Tips / By

Are you still waiting to hear of your PPP loan was forgiven? You are not alone. PPP Direct Forgiveness Portal The SBA announced that it is launching a streamlined application portal to allow borrowers with PPP loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The new forgiveness platform […]

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New PPP Rule Changes Forgiveness Application Process

Bailey Scarano Blog, Tax & Money Tips / By

One of the lingering questions about the Paycheck Protection Program (PPP) has been what will be required during the forgiveness application process. On October 8, 2020, the SBA released the Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (that’s a mouthful!), which answers some of these questions.  The stated

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SBA Provides Clarification in PPP Interim Final Rule

Bailey Scarano Blog, Tax & Money Tips / By

Whether this is actually a “final” rule will have to be seen, but here’s what you need to know from the Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.  Non-payroll loan forgiveness impacted by leasing to a tenant. If you are requesting forgiveness for rent expenses, and have tenants to whom you

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PPP Forgiveness Application Released But Expect More Changes Soon

Bailey Scarano Blog / By

Over the weekend, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. If you have received a PPP Loan, this document provides detailed directions on how to complete the form that you will eventually have to give your lender to be considered for full or partial forgiveness.  While this form doesn’t

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SBA Releases New Guidance on PPP Loan Forgiveness

2 Comments / Bailey Scarano Blog, Tax & Money Tips / By

As businesses are starting to receive their Paycheck Protection Program (PPP) loans, the concern moves from whether business owners will receive the assistance to what, and how, to collect the needed documentation to receive the maximum loan forgiveness.  On May 13, the U.S. Small Business Administration, the organization funding these loans, issued a document containing answers

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