STAY INFORMED!: Important COVID-19 Loan Options
Now is the time to prepare for the road to recovery. With changes constant and released guidance on-going, lean on Sax to stay in the know with the most recent updates made to the relief programs, forgiveness clarifications, best practices for securing aid, and more.
Guidance & FAQs
If you missed our recovery update on Thursday, September 3, we addressed your specific hurdles with regards to the relief programs made available to us, so you are better equipped to regain strength. The discussion included information on the recently released Interim Final Rules and items to consider when determining the best time to file your PPP loan forgiveness application. Watch the webinar.
While we understand the overriding preference to put the PPP in the rearview mirror and focus on recovery and brand strength, the changes and uncertainty surrounding the PPP loan forgiveness process should give borrowers pause. Read more here.
As we continue to wait and see what the PPP forgiveness process will ultimately look like, business owners will need to still prepare both internal and external financial statements amidst uncertainty. With that, we have outlined our suggested best way forward with presenting the PPP loan on your year-end financial statements based on what we know at this time. Here is a recap of the guidance and timelines recently released.
On August 24, the SBA issued guidance clarifying a few of the many open issues that relate to the PPP loan forgiveness calculations. Topics addressed include the percentage of ownership in a corporation that requires an employee’s compensation to be subject to owner rules for payroll costs in the loan forgiveness calculations, in addition to clarifications for related party rent expense, mortgage interest and home office expenses Read more here.
Healthcare providers are granted another opportunity to apply for the Provider Relief Fund under Phase 2, aimed at reimbursing eligible healthcare-related expenses and lost revenues attributable to COVID-19. Healthcare providers who have already received a payment under Phase 1 are still eligible to apply for additional funds. The deadline to submit is August 28, 2020. Read more here.
Recorded Webinars & Information Decks