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.
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