When we met on the Client Call this past Friday, we were awaiting the president’s signature on legislation amending terms of the PPP and loan forgiveness. As anticipated, this legislation has since been signed. We strongly encourage all to become familiar with the revised information. As discussed, HR 7010 amends the Paycheck Protection Program and…
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked…
Mark Jones is joined by Brian Taylor and John Lester of Atlantic Union Bank to discuss PPP loans and loan forgiveness. Brian, a Business Banking Market Manager, and John, a Commercial Banking Relationship Manager work closely with bank manager and retail leadership to support business owners. Together Mark, Brian and John shed light on what we…
SIMA founder and CEO Mark Jones was joined by John Selbach, Esq. and Betsy Davis, Esq., both of Whiteford, Taylor, & Preston to discuss employer impacts as Virginia looks toward returning to work. If you missed it, be sure to catch the replay here. John, Betsy and Mark all welcome your questions as they enable their…
Please click here for the Friday call replay.
Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the…
Listen to this week’s client call as we discuss loan forgiveness and additional funding related to the Paycheck Protection Program.
The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million. The following are key details of the Act as…
Today, Friday, March 20, Secretary of the Treasury Steve Mnuchin tweeted: “We are moving Tax Day from April 15 to July 15,” Mnuchin said. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” “Corporations can get an extension on up to $10 million, and individuals can…
2019 Tax Return Due Dates for Business Types Sole proprietorship and single-member LLC tax returns on Schedule C (with the owner’s personal tax return): April 15, 2020. Partnership returns file a partnership tax return on Form 1065 with Schedule K-1 for each partner: March 16, 2020. Multiple-member LLC returns filing as partnerships file on Form…
