Friends, The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation last night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The Senate approval sends the House bill, called the Paycheck Protection Flexibility Act, to President Donald… Read More
Friends, I hope this message finds you well. As you likely know, the impact of COVID caused federal and state taxing authorities to extend most individual filing and payment deadlines beyond the April 15th deadline. I have attached a summary of all federal and state income tax deadlines for your reference. While most states have… Read More
Video Playback Available of the Securing PPP Loan Forgiveness Webinar: Other Materials: PDF Securing PPP Loan Forgiveness For access to the calculator spreadsheet, please reach out directly to Dan Packard at dpackard@coopernorman.com or Tim Anderson at tanderson@coopernorman.com.
Friends, On Friday, the SBA released an application form for PPP loan forgiveness, along with instructions for completing the form. More specifically, this 11-page document contains the following: Instructions for completing the application A summary of costs eligible for forgiveness A PPP loan forgiveness calculation form Representations on behalf of the borrower Full-time equivalent calculation… Read More
The SBA and Treasury Department continues to provide guidance on the PPP loan application process and related forgiveness. Recently, the SBA updated the PPP loan FAQ page to add FAQ 31, which provides: Read more here.
Today, Governor Little announced cash grants for Idaho small businesses. This “Rebound” program is designed to assist local business owners who have been adversely impacted by the state-mandated shutdown. Below are a few highlights: Total Program: $300 million Individual Business Grant: up to $10,000 More than 30,000 Idaho small businesses supported Subject to qualification (eligibility… Read More
The Senate on Tuesday approved $370 billion in additional funding as part of a new COVID-19 pandemic relief bill. The Senate bill is designed to benefit small business owners in nearly every industry, including ranching and farming. “This bipartisan agreement will provide more…funding for the Paycheck Protection Program, which is already helping millions of small-business… Read More
Author: Ethan Lee, CPA, ABV, CFF Many business owners in the construction industry seem to think the only option to transition out of their business is to complete existing contracts and then sell the company assets in a liquidation scenario. However, construction businesses are similar to other service-oriented businesses and there are many reasons why… Read More
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.26.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”] COVID Food Assistance Program (CFAP) Many of you have been asking when the federal government was going to offer stimulus money to the agricultural sector. Late last Friday, the USDA announced that it has $19B to assist… Read More
Many of you have applied for financial aid via the newly enacted Paycheck Protection Program. We have begun to see the fulfillment of these funds, and an associated influx of questions of how to best use these funds. The Paycheck Protection Loan has a unique forgiveness feature. The design of this feature is to encourage business owners to… Read More