Category: PPP Loans

Did you start a business in 2020 and think that you were unable to qualify for the amazing Employee Retention Credit? Well, think again; you could be in luck. The recently enacted American Rescue Plan Act of 2021 (ARPA), created a new path that could allow you to qualify for...

Here in Minnesota it was just announced that the legislature has come to an agreement on conformity for two big ticket items, the PPP loans and $10,200 of unemployment benefits. Both are expected to be tax free when a final bill is signed, matching the federal treatment of ...

Reminder that your PPP1 forgiveness applications are due 10 months after your 24-week covered period is completed. For example, a PPP1 loan that was funded April 19th the 24-week covered period ends October 3rd. So, the 10-month due date to submit forgiveness applications ...

In late February, the SBA, in cooperation with the Biden Administration, announced adjustments to the PPP aimed at “increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth,” according to SBA Senior Advi...

If your business is still struggling due to this pandemic, the good news is, there is a 2nd draw available to you from the PPP loan program.  This program will work like the first loan program.  There will be criteria that must be met in order to get this second draw:...

If you have received a PPP loan over $2M, the accurate completion of your forgiveness application is critical. Before you begin the application process it's important to understand the SBA's form requirements....

We know these are challenging times we're facing.  The federal government has created some programs to assist, Minnesota has provided programs, and now our cities are willing to help out.  If you have a business in Bloomington, there is a program they have kicked off - the...

This PPP Loan Forgiveness webinar was presented on June 25, 2020 by CPAs Chris Wittich and Stacy Shaw along with members of Boyum Barenscheer's COVID-19 Resource Team.  The webinar reviewed the changes and updates to the PPP Loan Program including two new loan forgiveness a...

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 ...