Here are your articles for Tuesday, August 04, 2020
Is this email not displaying correctly?
View it in your browser .
Website Tax Services Consulting About Us Contact Us
Share Save

No Rush on Filing for PPP Loan Forgiveness

 

Has your Company achieved full forgiveness of your Paycheck Protection Program (PPP) and you are left wondering, now what?  You are not alone, and experts are saying there is no rush to apply for forgiveness either.  The SBA has not yet updated the loan forgiveness applications to reflect the 5-week application deadline to August 8th, nor have the FAQs been updated to provide Borrowers with additional guidance.  There are still many questions surrounding FTE calculations, what can be included as utility expense, clarification for self-employed individuals, etc.  The SBA has also indicated it will not start accepting forgiveness applications from lenders until a new software-as-a-service platform goes live August 10th.  Borrowers have 10 months from the last date of the covered period to apply for forgiveness.  If a forgiveness application is not filed prior to 10 months after the last date of the covered period, the amount advanced turns into a loan. 

What is the delay with the FAQs?  With the ever changing environment and rise in COVID cases, Congress is debating a new round of COVID-19 relief, which would be a more targeted effort.  The SBA  does not want to release the updated FAQs until President Trump signs the new relief legislation.  Congress is working to finalize the new relief package prior to their recess starting on Aug 8th.  A new relief package could result in changes to the forgiveness application which could result in delays for the new software-as-a-service platform.  There are even some reports that Congress is considering automatic forgiveness for some of the smaller loans.  Stay tuned, CironeFriedberg will keep you updated as things progress over the next few weeks.

 
Share Save

Your Comments

CironeFriedberg, LLP
CironeFriedberg, LLP
info@cironefriedberg.com
24 Stony Hill Rd, Bethel, CT 06801
(203) 798-2721
6 Research Dr, Suite 450, Shelton, CT 06484
(203) 366-5876
Friend Me on Facebook
Connect with me on LinkedIn
Saved Articles
Comments and Feedback
Refer A Friend
Your Privacy
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Powered by
Copyright © IndustryNewsletters All rights reserved.

This email was sent to: info@cironefriedberg.com

Mailing address: 24 Stony Hill Road, Bethel, CT 06801