The Paycheck Protection Program Flexibility Act (PPPFA) passed nearly unanimously by the U.S. House of Representatives and U.S. Senate. President Trump signed it into law on Friday June 5, 2020. The PPPFA was intended to ease some of the forgiveness
House Passes Bill to Loosen Rules on PPP Loans
On May 28, 2020, the House overwhelmingly passed a bill to loosen key rules for the Paycheck Protection Program (PPP). The plan would: Reduce the percentage of aid money that must be spent on payroll from 75% to 60% Extend
Bucks Back to Work Small Business Grant
Bucks County has outlined a new grant program to help small businesses that have been negatively impacted by COVID-19. http://buckscounty.org/government/CommunityServices/BacktoWorkGrantProgam To qualify, applicants must be for-profit businesses, founded no later than 2018, that have less than $700,000 gross annual revenue
SBA Extends “Necessity” Certification Return-By Date to May 18, 2020
Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the
SBA Announces Safe Harbor for PPP Loan “Necessity” Certification
Today the SBA again updated its FAQs related to PPP loans, this time with a welcome safe harbor to the “necessity” certification required by all borrowers. In FAQ46, the SBA announced that “any borrower that, together with its affiliates, received
SBA to Provide Exemption from Loan Forgiveness Reduction for Non-Returning Employees
Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work. As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced,
Expenses Paid with Forgivable PPP Loans Not Deductible
The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible
MontcoStrong Small Business Grant Program
On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the
Some Banks Closing Window to Submit PPP Application
We have been informed that some banks have reached or are reaching their maximum lending limit for the SBA’s Paycheck Protection Program (PPP) and may not be able to accept additional requests for a loan through the PPP. Please contact
PA Loan Program for Small Businesses: CWCA
CASI Payroll Plus continues to research the latest forms of assistance available to small businesses. The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses