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...
Pandemic Puts the CIO Upfront
As the COVID-19 pandemic continues, evolves and eventually eases, businesses will increasingly rely on telecommunications to remain operational, and it falls to the chief information officers to make sure the company has adequate controls in place to protect key...
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...
Wage-and-Hour Rules During the Pandemic
Health consequences aside, pandemics can wreak havoc on businesses, upending supply chains and employment models around the world. To help curb the spread of disease, public health officials may recommend that employees work from home, be placed on furlough or work...
SBA FAQS ON CALCULATING PPP LOAN AMOUNTS
The SBA on April 24 issued FAQs on how to calculate maximum amounts for PPP loans. The FAQs include detailed instructions for the following situations: Self-employed persons with no employees Self-employed persons with employees Self-employed...
CARES Act Adds Flexibility to Net Operating Losses
Revenue Procedure 2020-24 provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for: Waiving the carryback period in the case of a net operating loss arising in a taxable year beginning after Dec....
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....