Small Business Paycheck Protection Program
Updated January 22, 2021
+ Tips for CPAs on Newest Round of PPP (1-21-21)
+ Guidance: PPP Calculations (1-1-21)
+ Guidance: PPP First Draw Loan Increases and Reapplications (1-14-21)
+ New & Updated PPP Applications (1-9-21)
+ Date Set for Limited PPP Reopening (1-8-21)
+ Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act (1-7-21)
+ Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans (1-7-21)
+ Do PPP Borrowers Face a Surprise State Tax Bomb? (12-29-20)
+ PPP Expense Deductibility & Forgiveness (12-27-20)
+ Many Tax Provisions COVID Relief Bill (12-27-20)
+ COVID-19 Relief Bill Addresses Key PPP Issues (12-22-20)
+ Associations Lobby for PPP Loan Deductibility Fixes (12-3-20)
+ Expenses Used for PPP Loan Forgiveness: Deductible or Not? (12-3-20)
+ IRS Guidance: PPP Expense Deductibility (11-19-20) | Rev. Rule 2020-27
+ Concerns Expressed Over PPP Loan Forms (11-18-20)
+ PPP Loan Necessity Form for Large Borrowers (11-6-20)
+ PPP Forgiveness Deadline Clarified (10-13-20)
+ PPP Forgiveness Simplified for Loans Under $50,000 (10-9-20)
+ SBA Clarifies Deferral Period for PPP Loan Payments (10-7-20)
+ PPP: Change of Ownership Guidance (10-5-20)
+ Who Benefited from the Paycheck Protection Program? Our Texas Analysis Offers an Early Look (9-4-20)
+ Lender Accounting for Forgivable PPP Loans (8-28-20)
+ PPP forgiveness guidance addresses owner-employee compensation, rent-related costs (8-25-20)
+ PPP: Health Insurance & EIDL Info. (7-12-20)
+ Preparing for a Potential Audit of Your Client's Paycheck Protection Program Loan(July/August 2020 Today's CPA)
+ Phishing Attacks Exploit the U.S. Small Business Administration (7-10-20)
+ New PPP Forgiveness FAQs (8-5-20)
+ PPP: Frequently Asked Questions (8-4-20)
+ PPP Forgiveness: No Need to Rush, and Other Tips (7-24-20)
+ SBA Closes EIDL Advance Program after Granting $20 Billion (7-13-20)
+ PPP Loan Application Deadline Extended to Aug 8 (7-4-20)
+ PPP Loan Forgiveness: Status of Notice 2020-32 (7-1-20) | IRS Notice 2020-32
+ PPP: Client Forgiveness Services Q&As for CPAs (6-30-20)
+ PPP Lender Accounting Issues Addressed by New TQAs (6-30-20)
+ New PPP Guidance Addresses Maturity Dates, Loan Amounts (6-27-20)
LOAN FORGIVENESS
+ PPP Recipients Can Apply Early for Loan Forgiveness, SBA Says (6-23-20)
+ REVISED RULE: PPP Revision to Third & Sixth Interim Final Rules (6-16-20)
+ Loan Forgiveness Form 3508EZ: Instructions | Application form (6-16-20) | News summary (6-17-20)
+ REVISED RULE: PPP Revision to First Interim Rule (6-11-20)
New Guidance: Forgivable PPP Loans (6-10-20) | Technical Question and Answer (TQA) 3200.18
Partial PPP Loan Forgiveness Remains if 60% Threshold Not Met (6-8-20)
PPP Forgiveness: Trump Signs Changes into Law (6-5-20)
Watch Facebook Live Broadcast Replay Review & Q&A
See Paycheck Protection Flexibility Act | Comparison DRAFT (6-4-20)
PPP Loan Forgiveness Guidance: Read Summary | View Guidance (5-26-20)
Revised AICPA PPP Loan Forgiveness Calculator (5-19-20) | AICPA Asks for More Clarity
SBA and Treasury Release PPP Loan Forgiveness Application | Instructions and Application (5-15-20) | AICPA Urges More Detail (5-16-20)
AICPA Loan Forgiveness Matrix (5-5-20)
AICPA PPP Loan Forgiveness Recommendations (4-29-20)
Funding Directed to Underserved Communities (5-28-20)
SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (5-22-20)
New FAQ 48 - Deadline Extended for SBA Form 1502 (5-19-20)
FAQ No. 47 - Safe Harbor for Repayment Extended to May 18 | AND | Safe Harbor for PPP Loans Under $2 Million (5-13-20)
Guidance: Laid-off Employees Who Refuse to be Rehired (5-4-20)
AICPA Challenges Nondeductibility of PPP-Related Expenses | IRS Notice 2020-32 (5-1-20)
How to Calculate Loan Amounts |
Loan Calculation summary
Program basics flyer
AICPA Addresses CPA Firm-Lender Issues Related to PPP (4-24-20) | AICPA Guidance update - Issues Related to CPA Involvement (4-22-20)
The Department of Treasury has released the Paycheck Protection Program (PPP) application and supplemental information, all available on its website. View more information below:
- SBA Paycheck Protection Program (PPP)
- Share the application and accompanying borrower guide with clients
- Contact your local banker to discuss the lender guide to ensure they are aware of program requirements.
While it is our understanding that virtually all banks and credit unions will be able to process program applications, you should verify that your bank intends to support the program. Note: Community development financial institutions (CDFI) such
as the LiftFund is an option.
- View summary (Updated 4-6-20 Journal of Accountancy)
- Gross Pay Approach as Calculation Standard for PPP Loans (4-4-20)
- AICPA recommendations | AICPA guide
- PPP Application Documents for Lenders - AICPA Recommendations (4-10-20)
This two-page document covers four documentation areas for employer applicants (Federal payroll tax reports; compensation; group health care benefits and retirement plan benefits) as well as directions for Average Monthly Payroll cost calculations. - Governor, Goldman Sachs, LiftFund Announce $50 Million in Loans For Texas Small Businesses (4-13-20) | LiftFund website
- Key Facts about the Fed’s Loan Initiative (4-13-20)
- Professional Ethics Executive Committee (PEEC) update: Impact of accepting PPP agent fees on independence (4-13-20)
PEEC has determined that "…members may advise and assist their attest clients in understanding the information required to be submitted and in the determination of amounts to be included on the application, provided the member does not prepare or sign the application form itself or perform other management responsibilities on behalf of the applicant. "
AICPA Guidance update (4-22-20) - Issues Related to CPA Involvement
The lender guide lists accountants as approved agents of loan applicants ( CPAs may not charge clients for serving as PPP application agents | 4-6-20 ). Visit the AICPA PPP Resources for CPAs. - News summary on rule clarification (4-14-20): The new information addresses how self-employed and partner income should be included in the loan application. The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees). Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
As a reminder, funds from this program:
- Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
- Are 100% forgivable if used for the above purposes; and
- Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.
While the application and documentation requirements are simple, make sure you review all the documents before advising any clients. Additionally, consider your clients’ intentions with other Small Business Administration loan programs when advising them on funding possibilities.
New PPP Guidance & Forms
+ Procedural Notice Paycheck Protection Program Excess Loan Amount
Errors (1/15/21)
+ How to Calculate Maximum Loan Amounts for First Draw and What
Documentation to Provide By Business Type (1/17/21)
+ PPP Loan Forgiveness Application Form 3508 (Revised 1/19/21)
+ PPP Loan Forgiveness Application Form 3508EZ (Revised 1/19/21)
+ PPP Loan Forgiveness Application Form 3508S (Revised 1/19/21)
+ Borrower’s Disclosure of Certain Controlling Interests (1/19/21)
OTHER SBA LOANS:
Small Business Guidance & Loan Resources
Emergency Loans Small Business Guide
Economic Injury Disaster Loans
Community Development Financial Institutions (CDFI):
LiftFund
LiftFund’s Microlending Helps Small Businesses Battle to Survive COVID-19 (6-24-20)
See more info.
(U.S. Chamber of Commerce)
Applications Open for Limited Small Business Grants (4-19-20) U.S. Chamber of Commerce