The Paycheck Protection Program has undergone some notable changes recently as the Small Business Administration and Biden administration seek to give very small businesses easier access to loan funds.
On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]
What are gross wages and why don’t they match the tax forms? The Paycheck Protection Program (PPP) requires applicants and lenders to use gross wages in calculating the loan amount. Gross wages is defined as the total amount paid by an employer to an employee. Gross wages is the amount before any deductions and is[ … ]