We found this informative article detailing the Paycheck Protection Program Loans provision of recent legislation to help owners of small businesses impacted by the Coronavirus and business closures. Learn more about the program from small business lawyers. As always, we are available to help you understand the accounting and tax implications of these new programs.
We have discovered from communication with the SBA and local banks that this loan will be processed by local small business bankers. At this time the local banks are still trying to sort through the Payroll Protection Program process and work out the lending application/funding details. As is the case with most government programs, the
As of March 27, 2020, at 1:30 pm the House of Representatives passed the most recent stimulus package called the CARES Act. The bill now goes to the President’s desk for signature. Included in the bill is a payroll loan which in many cases will be forgivable, either 100% forgivable or portions of the loan