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Loan Forgiveness Application Released for Paycheck Protection Program

On May 15th, the Small Business Administration (SBA) along with the U.S. Department of the Treasury released the long awaited Paycheck Protection Program Loan Forgiveness Application along with detailed…

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SBA Provides Guidance on How it Will Review Borrowers’ Economic Necessity Certifications

On May 13, 2020, the SBA updated its Frequently Asked Questions, adding Question 46 which provides some guidance on how the SBA will review borrowers’ economic necessity certifications. There is good…

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IRS Disallows Deduction on Expenses Paid with PPP Forgiveness Money

One of the most important aspects of the CARES Act was the Paycheck Protection Program (“PPP”).  Obtaining a PPP loan has been the priority for most small and mid-size businesses. It was so popular…

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