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There are a few things you need to know about the recent signing of the year-end legislative packge by President Trump. The larger spending package did have changes to the Paycheck Protection Program (PPP) and Economic Injury Diasaster Loan Program (EIDL), as well as some tax implications. Below are two articles from Mark Higley and Craig Douglas regarding the updates. 

Changes to PPP and EIDL Tax Implications from COVID-19 Relief Bill

Please reach out to Mark Higley...

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Many of you attended a series of VGM webinars earlier this year where Craig Douglas and Mark Higley offered information about qualifying, application procedures, documenting use of funds, and applying for forgiveness. Mark also commented on the taxation issue and, at the time, the interpretation of the Treasury Department. The purpose of this update is to inform you that the IRS has clarified the deductibility of the Paycheck Protection Program (PPP) loan expenses. 

But...

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This week, the U.S. Small Business Administration (SBA) unveiled a now simpler application and process for Paycheck Protection Program (PPP) loan forgiveness, especially for loans that were less than $50,000. This new streamlined process makes it easier for both the business that received the loan, as well as the lender that issued it. The SBA and the U.S. Treasury Department continue to look at ways to make this process easier but still prevent fraud and/or misuse...

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The deadline for small businesses to apply for a Paycheck Protection Program loan has been extended through August 8th. The program has already provided small businesses around the country with over $500B in forgivable loans. The original deadline to apply for a loan was June 30, but as of that date, there were still over $130B left over in available funding for the popular program. On Saturday, July 4th, President Trump signed a bill that would extend the application deadline to August 8th. Any...

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The Senate unanimously passed, by voice vote, the Paycheck Protection Program Flexibility Act (H.R. 7010), which seeks to improve the PPP and allow more flexibility for small businesses using the rescue loan funds. 

The bill was approved by the House on Thursday, May 28, by a 417-1 vote and has now been signed into law by President Trump.  

The legislation makes several changes to the Paycheck Protection Program for current borrowers, including...

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The bill that was passed by the House last week that would make significant changes to the Paycheck Protection Program has now passed the Senate as well. It will now go to President Trump for signature. If the bill is signed in its current state, PPP loan recipients will now have nearly 6 months (24 weeks) to utilize the funds they receive, which is three times longer than the 8 weeks they initially had to spend the money in order to qualify for loan forgiveness. Recipients will also only have...

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