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Blog Category: PPP Loans

07/28/2021 | ,

SBA to Further Streamline PPP Loan Forgiveness Process for Loans of $150,000 or Less

Great news today for PPP borrowers that received a loan of $150,000 or less!  If you haven’t yet applied for forgiveness, the SBA will be outlining today, a new streamlined
07/13/2021 | ,

SBA Eliminates Loan Necessity Questionnaire for Loans Over $2 Million

The Small Business Administration (SBA), on Monday, officially announced that they will no longer require the use of Forms 3509 and 3510, Loan Necessity Questionnaire.  This form was released to
"update!" written on a piece of paper being held by a clothespin
04/09/2021 | , ,

SVOG, PPP, EIDL, and RRF Updates

Shuttered Venue Operators Grant Portal Open The Shuttered Venue Operators Grant (SVOG) portal opened on 4/8/21 at noon EST on the SBA.gov website.  There have been reports that the website
stack of sticky notes with "tax credit" written on top
03/04/2021 | ,

How to Apply for the Employee Retention Credit and get a Refund for Your Business

Did you have payroll expenses last year? Will you have payroll expenses first or second quarter of 2021? Was your company struggling during the pandemic and is it continuing to
"ppp loan" written on a chalkboard
03/04/2021 | ,

PPP Updates and Considerations

On February 22nd, the Biden administration announced that PPP loans would be made exclusively available to employers with less than 20 employees beginning February 24th through Tuesday, March 9th.  This
stack of documents with "schedule c" printed on top
03/04/2021 | ,

Schedule C Filers Now Eligible for Larger PPP Loans

On Wednesday, March 3rd, the SBA and Treasury released a new Interim Final Ruling (IFR) that details previous guidance announced by the Biden administration related to Schedule C filers and
Wisconsin State Capitol and surrounding buildings across the lake
02/18/2021 |

Good News: Wisconsin PPP Loan Forgiveness & Expense Deduction Tax Treatment Now Mirrors the Federal Rules!

On Thursday, February 18, 2021, Wisconsin Governor Evers applied his signature to AB-2 and issued a statement highlighting $480 million in tax savings included in the legislation, Wisconsin’s first new
man looking frustrated at a documents
01/25/2021 | ,

Say What?!? Wisconsin is going to tax my PPP?

The Wisconsin Department of Revenue recently announced on the WDR website a note to taxpayers regarding the Wisconsin-federal differences related to the treatment of expenses paid with PPP loan funds. It’s
woman holds pen and looks at docuements
01/21/2021 |

SBA Releases PPP Forgiveness Form for Loans of $150,000 or Less

The SBA released revised PPP Loan Forgiveness Application Form 3508S late Tuesday night.  This form was revised to now be applicable for borrowers that received $150,000 or less from either
hands writing on notepad and typing on calculator
01/19/2021 |

SBA Clarifies Second Draw Loan PPP Calculations, Gross Receipts, and Documentation Needed

The SBA provided clarifying documentation on January 19th in the form of FAQs regarding calculating the maximum second draw amount, definition of gross receipts for for-profit and not-for-profit organizations and
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