Category: Coronavirus Updates

The SBA has published a couple of new loan forgiveness applications the long form and the EZ form.  Along with those applications came instructions and it’s there that we will find some new information that is worth discussing....

For Schedule C businesses with no employees you get to use the new Form 3508EZ which is pretty simple.  I would expect that you should be getting 100% forgiveness. ...

The SBA just published a Form 3508EZ which is the PPP Loan Forgiveness Application, in a simpler, easier to use format.  It’s much shorter and it can be used for people in the simpler situations who are probably on track for 100% loan forgiveness....

Good news!  The House and Senate have now passed a bill which is expected to be signed by the President this week.  It makes huge changes to the PPP Loans and will have a huge impact on the PPP Loan Forgiveness.  One highlight is a change from 8 to 24 weeks but there are ...

One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams.  Nonprofits need multiple revenue sources. Many organizations with only one or two found that out the hard way when they failed during the 2008 recession. The same is lik...

As of May 22, 2020, the Small Business Administration (SBA) was estimating that approximately $140 Billion dollars are still available in the Paycheck Protection Program (PPP) for small businesses. If you were not submitting your application for the PPP loan due to rumors t...

This past weekend the SBA released the PPP Loan Forgiveness Application. Join Boyum Barenscheer's COVID-19 resource team for this webinar as we dive into the application and how it changes the rules related to owner compensation, FTE counts, the 8-week covered period, non-pa...

SBA came out with the PPP forgiveness application late Friday, which provides some of the guidance that we’ve been waiting for since the program started in late March. Plan to watch our webinar on Tuesday for more details....

Guidance on PPP loans has been a whirlwind to say the least.  Many people submitted applications based on the rules at the time, and then had the rules change after the fact.  The SBA just published new guidance on May 13thwhich will allow some of those situations to be re...

Since the CARES Act passed in late March Congress has been silent. Now the Congress is starting to work on a new phase of legislation and potentially clean up some of the issues that came out of the CARES Act.  All of these are just proposals, but it will give you an idea o...

Good news from the SBA this morning on PPP loans.  They said that PPP loans less than $2 million will have been deemed to have made the required good faith certifications regarding the necessity for the loan request.  Below is the entire Frequently Asked Question guidance ...

The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If your nonprofit cash flow slowed down or stopped, your organization may need to do more than tri...