General News

Paycheck Protection Program Borrower Application Form

SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS
SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS 400 400 SAX LLP - Advisory, Audit and Accounting

On January 19, 2021, the Small Business Administration (SBA) released the revised Form 3508S for First Draw and Second Draw Paycheck Protection Program (PPP) borrowers seeking forgiveness on loans of…

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Paycheck Protection Program

SBA and Treasury Issue Guidance for First Draw and Second Draw PPP Borrowers
SBA and Treasury Issue Guidance for First Draw and Second Draw PPP Borrowers 400 400 SAX LLP - Advisory, Audit and Accounting

With the recent re-opening of the Paycheck Protection Program (PPP) portals for all borrowers, the Small Business Administration (SBA), in conjunction with the U.S. Treasury Department, has been busy issuing…

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SBA WILL RE-OPEN PPP TO SMALL LENDERS ON JANUARY 15 AND ALL LENDERS ON JANUARY 19
SBA WILL RE-OPEN PPP TO SMALL LENDERS ON JANUARY 15 AND ALL LENDERS ON JANUARY 19 150 150 SAX LLP - Advisory, Audit and Accounting

On January 13, 2021, the Small Business Administration (SBA) and U.S. Department of Treasury announced that the Paycheck Protection Program will re-open its portal for eligible lenders to apply for…

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Loans

SBA Extends EIDL Program to December 31, 2021
SBA Extends EIDL Program to December 31, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

On December 30, 2020, the Small Business Administration (SBA) extended the deadline to apply for Economic Injury Disaster Loans (EIDLs) from December 31, 2020 to December 31, 2021, pending the…

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SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires
SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires 150 150 SAX LLP - Advisory, Audit and Accounting

Earlier in 2020, the Small Business Administration (SBA) released loan necessity questionnaires for public comment for both For-Profit Borrowers (Form 3509) and Not-For-Profit Borrowers (Form 3510) with loans of $2…

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IRS

IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses
IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses 400 400 SAX LLP - Advisory, Audit and Accounting

While not the news borrowers were hoping for, on November 18, 2020, the Internal Revenue Service issued Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to provide clarity in situations where…

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COVID-19 Relief

Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses
Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses 400 400 SAX LLP - Advisory, Audit and Accounting

On Tuesday, October 13, New Jersey Governor Phil Murphy made $100 million in relief available from the state’s $2.3 billion in CARES Act funding for businesses hit hard by the…

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New SBA Guidance

SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION
SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION 400 400 SAX LLP - Advisory, Audit and Accounting

In an effort to gather supporting information behind Paycheck Protection Program (PPP) loans in excess of $2 million[1], the Small Business Administration (SBA) recently received emergency approval and released the…

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New SBA Guidance

SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION
SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION 400 400 SAX LLP - Advisory, Audit and Accounting

In an effort to gather supporting information behind Paycheck Protection Program (PPP) loans in excess of $2 million[1], the Small Business Administration (SBA) recently released the following questionnaires: Form 3509:…

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PPP Loan

SBA Issues Procedural Guidance for Paycheck Protection Program Borrowers Considering a Change in Control
SBA Issues Procedural Guidance for Paycheck Protection Program Borrowers Considering a Change in Control 400 400 SAX LLP - Advisory, Audit and Accounting

2020, to say the least, has been a tumultuous year.  Irrespective of size and location, businesses across all industries have been impacted by the COVID-19 pandemic.  However, as eloquently stated…

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