COVID-19 Resources

Coronavirus (COVID-19) SBA Loan Resources

SBA Loans

On March 27, 2020, the president signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law. The cornerstone of the CARES Act for small businesses (those with fewer than 500 employees) is the Paycheck Protection Program (“PPP”). The PPP authorizes up to $349 billion of federally guaranteed loans to qualifying small businesses. These loans are designed to be forgiven if employers keep employees on the payroll and spend the loan proceeds on qualifying expenses. Through private lenders, these loans will be administered through the U.S. Small Business Administration’s (“SBA”) 7(a) loan program. The 7(a) loan program has been modified and expanded in the CARES Act.

We will continue to monitor new developments as guidance is released and keep you updated on any changes. If you have any questions about how this will affect you, please contact your Warren Averett advisor or complete this form to have a member of our team reach out to you.

This program is for small businesses with less than 500 employees, private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Applications can be submitted April 3, 2020 through June 30, 2020.
Upon meeting the requirements, you may be eligible to receive a loan amount lesser of: 2.5 times the company’s average 3 monthly payroll costs 4 incurred in the one-year period before the loan is made; or $10,000,000.
You will be eligible to get loan forgiveness if you use the funds for payroll costs or interest on mortgages, rent and utilities.

Warren Averett's SBA Resources

Forgiveness Of PPP Loans May Reduce R&D Credit
Written on November 24, 2020

PPP Update: Borrowers are Not Allowed to Deduct PPP Expenses if Forgiveness is Expected
Written by Van Trefethen on November 20, 2020

SBA Announces Loan Necessity Questionnaire for Borrowers with PPP Loans of $2 Million or Greater
Written by Adam West on November 2, 2020

Additional PPP Guidance Issued for Certain Expenses
Written by David Crabtree, CPA on September 4, 2020

PPP Update: Loan Forgiveness FAQs Released by SBA Answer Some Questions, but Others Remain
Written by Van Trefethen, CPA and Adam West, CPA on August 25, 2020

New Interim Final Rule Allows Borrowers to Apply for Forgiveness as soon as Loan Proceeds are Exhausted [PPP Updates for Borrowers]
Written by Will Aderholt, CPA on June 29, 2020

Significant Changes to the Paycheck Protection Program
Written by Adam West, CPA and Van Trefethen, CPA on June, 4 2020

Accounting for PPP Loan Activity by Nonprofit Organizations
Written by Billy Minch, CPA on May 21, 2020

New PPP Loan Guidance: Borrower Certification Requirements and New Safe Harbor
Written by Adam West, CPA on May 20, 2020

Potential for PPP Loan Increases
Written by Will Aderholt, CPA on May 13, 2020

Governmental Hospitals and PPP Eligibility
Written by Megan Randolph, CPA on May 5, 2020

IRS Announcement: Denying Deductions for Paycheck Protection Program (PPP) Loans
Written by Van Trefethen, CPA on May 1, 2020

Accounting for PPP Loan Activity [What Businesses Should Know about the Financial Statement Implications and Qualitative Impacts]
Written by Ryan Grauel, CPA on May 1, 2020

Borrower Documentation is Key [Update on PPP Certification]
Written by Van Trefethen, CPA and Adam West, CPA on April 29, 2020

Podcast: Special Edition: Business Advice Amid COVID-19: PPP Loan Forgiveness
Released on April 21, 2020, Featuring Special Guests: Adam West, CPA and David Crabtree, CPA

Update on Self-Employed Guidance for Paycheck Protection Program Loans
Written by Van Trefethen, CPA on April 17, 2020

Federal Reserve Announces Main Street Business Lending Program as Part of Additional Actions to Provide Economic Aid
Written on April 15, 2020

IRS Clarifies Social Security Tax Deferral for Businesses That Have Applied for or Received a Paycheck Protection Program (PPP) Loan
Written by Adam West, CPA on April 13, 2020

Frequently Asked Questions about the Paycheck Protection Program Answered
Written by Adam West, CPA on April 7, 2020