MCB BLOG

As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.

SBA EXTENDS PPP Loan REPAYMENT SAFE HARBOR TO MAY 18

Late Wednesday, May 13, the SBA added new FAQ #47 to their updated PPP Loan Guidance that PPP loans of less than $2 million will be deemed to have been made in good faith. Click here to view MCB’s article on FAQ #46.  FAQ #47 is copied below, and simply states that...

Breaking News: The Small Business Administration (SBA) has just released New PPP loan forgiveness guidance

The SBA, in consultation with the Treasury Department, has just issued new PPP Loan Forgiveness Guidance and FAQs as of May 13, 2020. Specifically, FAQ #46 addresses concerns whether businesses should return PPP funds by the May 14 deadline. FAQ #46 states that “any...

MCB Principals Weigh in on SBA’s PPP Loan Requirements in Washington Business Journal Coverage

As SBA guidance on Paycheck Protection Program loan requirements is complex, many small businesses have been trying to reconcile a myriad of questions surrounding program details.  For example, the requirement to achieve maximum loan forgiveness -- that 75 percent of...

Paycheck Protection Program Update: SBA Extends Loan Repayment Deadline for Safe Harbor Provision to May 14

The Paycheck Protection Program (PPP) is a U.S. Small Business Administration (SBA) guaranteed loan designed to help small businesses keep their workforce on the payroll during the COVID-19 crisis.  The program provides low interest loans with quick access to funds...

Coronavirus Update: New Legislation Adds $310B to Paycheck Protection Program, $60B to Economic Injury Disaster Loan program

Today, April 24, 2020, President Trump signed a $484 billion Paycheck Protection Program and Healthcare Enhancement Act  into law. The legislation includes: $310 billion in new funds for the Paycheck Protection Program, which provides small business loans that can be...

Best Practice for Businesses and Nonprofit Organizations Who Received a Paycheck Protection Loan and How to Maximize Loan Forgiveness

The U.S. Small Business Administration (SBA) continues to issue guidance on calculations and loan forgiveness for loans issued under the Paycheck Protection Program (PPP). The PPP has provided a critical lifeline to businesses, non-profits and their employees....

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