Members With More Than One Business, Take Note
In cases in which a single employer has aggregated companies, if one company receives a PPP loan, all companies within the group are prohibited from claiming the employee retention credit.
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Payroll Protection Program
House Votes to Give Small Businesses Flexibility on PPP
The House on Thursday passed legislation that expands the terms of the Payroll Protection Program to allow employers to spend a greater portion on non-payroll expenses.
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Expect Extension on PPP Compliance Deadline
The administration seems open to the possibility of extending the timeline to meet obligations of Payroll Protection Program, although a 24-week window is uncertain.
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Fewer Businesses Apply for Second Round of PPP
As of late last week, more than 40 percent of the funds remained available in the Paycheck Protection Program. That is in stark contrast to the rapid depletion of the fund in the first stimulus package.
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Lawmakers to Focus on Small Businesses This Week
Proposals include extending the timeline on PPP and allowing businesses to use more of the funds for overhead. Some lawmakers want to create new funding vehicles.
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Payroll Protection Funding to be Replenished Quickly
Analysts anticipate that the new fund could be depleted by early next week. Association members who have not yet pursued the forgivable loans are urged to act quickly. A new member benefit that offers no-cost consultations with experts on the loan process can help.
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Kcoe Offers Tips on How to Use Loans, Debt Forgiveness
Kcoe Isom has compiled answers to frequently asked questions related to Payroll Protection Program.
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Borrowers, Bankers Hit Glitches in SBA Loan Kickoff
By Monday morning, the SBA had approved more than 100,000 loans totaling $30 billion in spite of glitches in the application process. Find a link to the loan application here.
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