Maximizing SBA’s PPP Funding: Achieving Loan Forgiveness
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Recording and Administering Payroll Protection Program (PPP) Loan Proceeds
By Scott Lewis, CPA, MSA The loan funding from the Small Business Administration’s Paycheck Protection Program (PPP) has raised many questions from small businesses and their accounting staff. These include how to account for the initial loans on the books, what approved uses can be paid from these funds and how the forgiveness calculations will […]
Main Street Lending Program: Details and Guidance
By Scott Lewis, CPA, MSA Last week, the Federal Reserve announced the details of the new Main Street Lending Program, a package that provides up to $600 billion in loans to small and midsize businesses with up to 10,000 employees and less than $2.5 billion in revenues in 2019. This program was designed to fill […]
Forgiveness of the Paycheck Protection Program (PPP) Loans
by Scott Lewis, CPA, MSA As part of the interim guidance provided by the SBA, the amount of loan forgiveness on the Paycheck Protection Program (PPP) loans can be up to the full principal amounts of these loans and any accrued interest, as long as the borrowers use all of the loan proceeds for purposes […]