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PPP

Shortliner Featured - Home Small 

SBA Simplifies Forgiveness for Some PPP Loans

August 3, 2021August 3, 2021 Kristi Ruggles SBA, PPP

There are about 7.1 million PPP loans that remain outstanding and about 6 million are for $150,000 or less. That is the category the SBA seeks to support with this program.

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Shortliner Uncategorized 

Administration Extends PPP

April 7, 2021April 7, 2021 Kristi Ruggles PPP, Employee Retention Credit

Congress has extended the Paycheck Protection Program application period. It also added an employee retention credit for disasters other than COVID-19, including the recent severe weather. Employers should look again at the employee retention credit to see if they might qualify.

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Manufacturing Shortliner News Featured - Home Small 

New Stimulus Package Expands Benefits, Eligibility

January 5, 2021January 5, 2021 Kristi Ruggles KCoe Isom, PPP, Stimulus

A business is eligible for the second round of PPP if they do not have more than 300 employees and can show a more than 25 percent reduction in gross receipts for any quarter in 2020.

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Shortliner News Legislative Featured - Home Small 

IRS Makes Consequential Change to PPP Rules

December 1, 2020December 1, 2020 Kristi Ruggles IRS, PPP

The IRS is disallowing tax deductions on PPP expenses if a company “reasonably believes” that a loan may be forgiven.

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Shortliner Featured - Home Small 

Watchdog Group Seeks Names of PPP Recipients at $25K Level

September 1, 2020September 1, 2020 Kristi Ruggles COVID-19, PPP

The SBA contends that disclosing the names of loan recipients could violate their privacy because the loans are scaled to the size of a business’s payroll. But advocates for disclosure say it is important to gauge the program’s effectiveness.

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Shortliner News Legislative 

Farm Bureau Lobbies Congress on PPP Tax Issue

August 18, 2020August 18, 2020 Kristi Ruggles Farm Bureau Federation, PPP

The IRS in April issued guidance stating that expenses are not deductible if their payment results in a PPP loan being forgiven. The guidance has been criticized by some key lawmakers on both sides of the aisle, who argue it goes against congressional intent.

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Manufacturing Shortliner 

Manufacturers Received $54 Billion in PPP Funds

July 14, 2020July 14, 2020 Kristi Ruggles Paycheck Protection, PPP

More than 229,000 manufacturing companies received loans, which represented 10.36 percent of the total distributed as of June 30.

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Shortliner 

Lawmakers May Create Online PPP Forgiveness Tool

July 14, 2020July 14, 2020 Kristi Ruggles Paycheck Protection, PPP

The act would require the SBA to
establish a free online calculator to provider borrowers “certainty and assistance” in pursuing loan forgiveness.

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Shortliner Featured - Home Small 

Names of Recipients of PPP Loans Will Be Released Thursday

June 30, 2020June 30, 2020 Vernon Schmidt SBA, PPP, PPP Loans

Disclosures will include names of recipients who received loans worth >$150K, addresses, NAICS codes, ZIP codes, and more

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Bill Would Expand Use of PPP Funds, Extend Timeline

June 2, 2020June 2, 2020 Kristi Ruggles PPP

Legislation awaiting consideration in the Senate expands the terms of the loans from the Paycheck Protection Program and allows small businesses to spend more of the money on non-payroll costs.

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Shortliner Featured - Home Small COVID-19 

House Votes to Give Small Businesses Flexibility on PPP

May 28, 2020May 28, 2020 Kristi Ruggles Payroll Protection Program, 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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