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

SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires

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 million or more.  The public comment period ended November 25, 2020, but we have yet to see if the SBA will revise the content based…

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

IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses

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 the receipt of Paycheck Protection Program (PPP) loan proceeds and the SBA decision on PPP loan forgiveness occur in different years.  Both forms of the…

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

Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses

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 COVID-19 pandemic.  $70 million went to Phase 3 of the New Jersey Economic Development Authority’s (NJEDA) Small Business Emergency Assistance Grant Program which included $35…

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Healthcare
Breaking Pandemic News – Insights from the Frontlines 400 400 SAX - Advisory, Audit and Accounting

Breaking Pandemic News – Insights from the Frontlines

With breaking news unfolding on the second wave of the pandemic and vaccines in the works, we invite you to watch Sax’s very timely webinar with our esteemed speakers, Kevin Slavin, President & Chief Executive Officer and Dr. Joseph Duffy, Chief Medical Officer from St. Joseph’s Health. Our featured guests shared an overview of the…

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November CFO Focus: Year-End Tax Update: Strengthening Your Tax Position & Overall Business Now and For 2021 150 150 SAX - Advisory, Audit and Accounting

November CFO Focus: Year-End Tax Update: Strengthening Your Tax Position & Overall Business Now and For 2021

                                WEDNESDAY, NOVEMBER 18 | 10:00 – 11:30 AM

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

SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION

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 400 400 SAX - Advisory, Audit and Accounting

SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION

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: Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers) Form 3510: Paycheck Protection Program Loan Necessity Questionnaire (Non-Profit Borrowers) These questionnaires, which will be administered by…

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November 5 Recovery Update: In-Depth Overview of the PPP Forgiveness Application 150 150 SAX - Advisory, Audit and Accounting

November 5 Recovery Update: In-Depth Overview of the PPP Forgiveness Application

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