General News

SBA WILL RE-OPEN PPP TO SMALL LENDERS ON JANUARY 15 AND ALL LENDERS ON JANUARY 19
SBA WILL RE-OPEN PPP TO SMALL LENDERS ON JANUARY 15 AND ALL LENDERS ON JANUARY 19 150 150 SAX - Advisory, Audit and Accounting

On January 13, 2021, the Small Business Administration (SBA) and U.S. Department of Treasury announced that the Paycheck Protection Program will re-open its portal for eligible lenders to apply for…

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Loans

SBA Extends EIDL Program to December 31, 2021
SBA Extends EIDL Program to December 31, 2021 400 400 SAX - Advisory, Audit and Accounting

On December 30, 2020, the Small Business Administration (SBA) extended the deadline to apply for Economic Injury Disaster Loans (EIDLs) from December 31, 2020 to December 31, 2021, pending the…

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SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires
SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires 150 150 SAX - Advisory, Audit and Accounting

Earlier in 2020, the Small Business Administration (SBA) released loan necessity questionnaires for public comment for both For-Profit Borrowers (Form 3509) and Not-For-Profit Borrowers (Form 3510) with loans of $2…

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IRS

IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses
IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses 400 400 SAX - Advisory, Audit and Accounting

While not the news borrowers were hoping for, on November 18, 2020, the Internal Revenue Service issued Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to provide clarity in situations where…

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COVID-19 Relief

Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses
Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses 400 400 SAX - Advisory, Audit and Accounting

On Tuesday, October 13, New Jersey Governor Phil Murphy made $100 million in relief available from the state’s $2.3 billion in CARES Act funding for businesses hit hard by the…

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New SBA Guidance

SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION
SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION 400 400 SAX - Advisory, Audit and Accounting

The SBA notice is seeking approval from the Office of Management and Budget for the information collection and allowing all interested members of the public an additional 30 days to provide comments on the proposed collection of information.   The deadline to submit comments is November 25, 2020.

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New SBA Guidance

SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION
SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION 400 400 SAX - Advisory, Audit and Accounting

In an effort to gather supporting information behind Paycheck Protection Program (PPP) loans in excess of $2 million[1], the Small Business Administration (SBA) recently released the following questionnaires: Form 3509:…

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PPP Loan

SBA Issues Procedural Guidance for Paycheck Protection Program Borrowers Considering a Change in Control
SBA Issues Procedural Guidance for Paycheck Protection Program Borrowers Considering a Change in Control 400 400 SAX - Advisory, Audit and Accounting

2020, to say the least, has been a tumultuous year.  Irrespective of size and location, businesses across all industries have been impacted by the COVID-19 pandemic.  However, as eloquently stated…

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Relief

Governor Murphy unveils $100M in COVID-19 Relief for Businesses
Governor Murphy unveils $100M in COVID-19 Relief for Businesses 400 400 SAX - Advisory, Audit and Accounting

On Tuesday, October 13, New Jersey Governor Phil Murphy announced $100 million in relief will be available for businesses hit hard by the COVID-19 pandemic.  This aid is allocated from…

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Loan Forgiveness

SBA Issues New Forgiveness Guidance for PPP Loans of $50,000 or Less
SBA Issues New Forgiveness Guidance for PPP Loans of $50,000 or Less 400 400 SAX - Advisory, Audit and Accounting

On October 8, 2020, the Small Business Administration (SBA), in conjunction with the U.S. Treasury Department, issued its latest Interim Final Rule.  To streamline and simplify the loan forgiveness process,…

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