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 […]
Coronavirus Aid, Relief, and Economic Security (CARES) Act
By Jennifer Kobylarz, CPA, MST The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump on March 27, 2020. The $2.2 trillion stimulus package aims to provide aid for workers, small businesses, and industries impacted by the recent Covid-19 pandemic. We will be providing a series of articles covering […]
(CARES) Act: Mid-Sized Business Assistance
By Jennifer Kobylarz, CPA, MST The Act deems businesses with employee counts between 500 and 10,000 to be mid-sized businesses. The Act allows for direct loans with interest rates not to exceed 2%. Furthermore, no interest or principal payments will be due for the first six months. A good faith certification of the follow must […]