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PPP Flexibility Act Signed into Law

President Trump has now signed into law the Paycheck Protection Program Flexibility Act. Many recipients of the PPP funds were facing challenges meeting the loan forgiveness criteria due to continued restrictions and other factors resulting from COVID-19. The new Act tweaks many of the guidelines for loan forgiveness allowing more time for borrowers to incur eligible costs, as well as more time allowed to repay... Read More

Congress Passes PPP Flexibility Act

Congress has passed the Paycheck Protection Flexibility Act with many new provisions that will make it easier for borrowers to obtain forgiveness. The Act (H.R. 7010) addresses many concerns expressed by recipients of PPP funds regarding challenges in meeting the forgiveness criteria. While the Act has yet to reach the President's desk, there are many anticipated changes which are summarized below. PPP... Read More

Small Business Relief Grants for Cobb County Businesses

The Cobb County Board of Commissioners unanimously approved $50M for small business grants to be administered by SelectCobb to help Cobb County businesses with 100 employees or less. The process for the application is as follows: The application will be uploaded at 10:00 a.m. on June 8 The application portal will be open until June 26 at 5:00 p.m. All grants submitted in that time... Read More

Today in Manufacturing: Rebecca Bowman with The Clorox Company

Supply Chain Now Episode 361: This episode of Supply Chain Now features Rebecca Bowman. Read More

PPP Loan Forgiveness Application

On May 15, 2020, the Small Business Administration released the Loan Forgiveness Application for Payroll Protection Program funding. The form and instructions include several changes to the forgiveness calculations that are intended to reduce compliance burdens, simplify the process, and increase qualifying costs for borrowers. These changes include: Options for borrowers to calculate payroll costs using an... Read More

PPP Good Faith Certifications

Companies who received funds under the Paycheck Protection Program are being asked by the Treasury and SBA to review their certification that "current economic uncertainty makes this loan necessary to support the ongoing operations of the Applicant." Borrowers have until May 14, 2020 to return funds if they believe that their certification was not made in "good faith." On May 13, 2020 the SBA and... Read More

New Guidance Issued on Taxes and PPP Loans

On May 1, 2020 the Internal Revenue Service published Notice 2020-32 to provide guidance regarding the deductibility of expenses incurred and paid for with Paycheck Protection Program (PPP) loan proceeds. The notice clarifies that no deduction is allowed under the Internal Revenue Code for an expense that is otherwise deductible if the payment of such expense results in forgiveness of a PPP loan. The... Read More

You Received Your PPP Funding - Now What?

With funding from the Paycheck Protection Program reaching the hands of business owners, we are receiving many inquiries regarding proper documentation, use, and general best practices. Below you will find guidelines for best practices and answers to some of the most frequently asked questions. As the treasury continues to issue guidance, we will provide updates. 1. Keep PPP money in a separate account. It... Read More

IRS Adds Enhancements to Get My Payment Tool

The IRS added enhancements to the Get My Payment tool in order to provide a smoother experience for Americans looking to find the status of their Economic Impact Payments. The enhancements adjusted several items to the online tool that will help taxpayers with new or expanded information and access to adding direct deposit information. "We delivered Get My Payment with new capabilities that did not exist... Read More