On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law. The cornerstone of the CARES Act for small businesses is the Paycheck Protection Program (“PPP”). The PPP originally authorized up to $349 billion of federally guaranteed loans to qualifying small businesses. These loans were designed to be forgiven if employers keep employees on the payroll and spend the loan proceeds on qualifying expenses. Through private lenders, these loans were administered through the U.S. Small Business Administration’s (“SBA”) 7(a) loan program. The 7(a) loan program was modified and expanded in the CARES Act.
Please note that the PPP is scheduled to end on March 31, 2021. Prior to this deadline, if you have not received a PPP loan before, First Draw PPP Loans may be available to assist your business. If you have received a First Draw PPP Loan, and you have utilized the entire amount of the loan towards eligible expenses, you may qualify for a Second Draw PPP Loan. Click here to learn more.
New SBA Guidance Issued: PPP Program and PPP Second Draw Loans | Warren Averett CPAs & Advisors
Written on January 8, 2021
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
Main Street Lending Program
Federal Reserve
Paycheck Protection Program – How to Calculate Loan Amounts
U.S. Department of Treasury
CARES Act Assistance for Small Businesses
U.S. Department of Treasury
SBA Disaster Assistance in Response to the Coronavirus
U.S. Small Business Administration
The Florida Small Business Emergency Bridge Loan Program
Florida Small Business Development Center
COVID-19 Disaster Loans
Southern Development Council