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PPP Update – Guidance Issued by SBA and Treasury

Late Wednesday the Small Business Administration and Treasury issued two interim final rules (IFRs) for guidance with the Paycheck Protection Program (PPP). The new PPP will re-open to community financial institutions starting January 11th exclusively for those making first-draw PPP…

Government Assistance Update

On December 21st, Congress passed a $900 billion COVID-relief package and $1.4 trillion government funding package which will provide financial assistance to Americans in addition to securing federal funding through September 2021. It was then sent to the President’s desk…

PPP Loan Forgiveness Update

The Small Business Administration and Treasury released new guidance clarifying that business expenses made with PPP funds are not eligible for a tax deduction. The end result is neither tax harm nor a tax benefit...

PPP Loan Forgiveness Update

If you received a PPP loan for $50,000 or less, you are now eligible to apply for loan forgiveness using a simpler application—Form 3508S—released by the Treasury Department and SBA. This new process cuts down your workload by eliminating the…

Coronavirus Stimulus Update

House Speaker Nancy Pelosi announced that the House of Representatives would remain in session until a deal was reached on the next coronavirus stimulus bill thereby extending the initial House calendar past October 2nd, the last day on its legislative…

Hot on theLoop: What Steps are Photographers Taking to Keep Clients Comfortable and…

If you’re looking for advice on how to operate safely amid COVID-19, head over to the Loop and check out this post! It’s all about how our members are adjusting and coping with COVID-19 and what efforts they are taking…

Movements on the Hill

As you may have seen in recent news, the House and Senate have remained gridlocked on how to provide support for Americans during the coronavirus pandemic. However, this stalemate appears to be on the verge of finally giving way as…

Executive Orders Enacted by President Trump

In reaction to the gridlock currently taking place legislature over the next stimulus package, the President signed an executive order and three memoranda over the weekend. Below is a list of actions that were taken by the executive branch...

PPP Enrollment Deadline Extended

Over the weekend, the President signed into law legislation that extends the deadline to apply for the Paycheck Protection Program (PPP) until August 8th. So far, the program has roughly $130 billion that has yet to be distributed...

Treasury Releases Guidance on PPP Forgiveness Eligibility

In a recently released Final Rule, the Treasury made a revision to clarify what amounts shall be eligible for PPP loan forgiveness. This revision also provides clarity for how business owners may compensate themselves during the forgiveness period under the…
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