COVID-19 Resources

Coronavirus (COVID-19) SBA Loan Resources

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.

Warren Averett's SBA Resources

New SBA Guidance Issued: PPP Program and PPP Second Draw Loans | Warren Averett CPAs & Advisors
Written on January 8, 2021

How Do I File for PPP Loan Forgiveness (And What Can My Company Expect)? – Warren Averett CPAs & Advisors
Podcast

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

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