COVID-19 Resource Center

SBA Issues Loan Forgiveness Application

May 18, 2020 On Friday, May 15, 2020, the Small Business Administration (SBA) published the loan forgiveness application, SBA Form 3508, to be completed by borrowers who have obtained a Paycheck Protection Program (PPP) Loan. This new form gives borrowers…

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Loan Increases Allowed for Certain PPP Loans

Interim Final Rule: Loan Increases May 14, 2020 On Wednesday May 13, 2020, the Small Business Administration (SBA) published an Interim Final Rule relating to the Paycheck Protection Program (PPP). This item summarized key loan increase provisions of the PPP…

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Denton County Businesses – Grant Program

Taking Care of Business in Denton County $2.2 million in Grants May 13, 2020 Businesses located in Denton County who were closed and negatively impacted by COVID-19 will have another opportunity for financial relief through a grant program administered by…

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FAQ 46 Certification Rule Clarity

Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here. May 13, 2020 On Friday, April 24, 2020, the Small Business Administration (SBA) published…

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FAQ 45 Considerations

New FAQ Allows Retention Credits if PPP Funds Turned back in by May 14 Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here May…

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New Deadline of May 14/Borrower Certification of PPP Need: An Update

Subsequent to the publishing of this item, the Treasury/SBA released FAQs 46 and 47 which clarify the certification standard and further extend the below discussed certification’s safe harbor to May 18, 2020, respectively, here. For further details on the certification…

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The IRS provides guidance on non-deductible expenses paid by loans under the Paycheck Protection Program (PPP)

On April 30, 2020, the IRS issued Notice 2020-32 addressing the deductibility of expenses paid by the PPP loan.  This notice clarified that no deduction is allowed for an expense (payroll, rent, mortgage interest, utilities) that results in forgiveness of…

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SBA Interim Final Rules and Other Information: An Update

April 29, 2020 Since our last update, the Small Business Administration has published four Interim Final Rules relating to the Paycheck Protection Program (PPP). These items summarized key eligibility components relating to the Paycheck Protection Program and clarified areas where…

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PPP Loan Funds and EIDL Grant Amounts Refilled

April 27, 2020 This week Congress provided further relief for businesses and healthcare institutions through additional funding for the record stimulus deal in response to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES) provided for Paycheck…

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Second Round of Stimulus Relief for Healthcare Providers Launched Friday, April 24, 2020

April 27, 2020 The Coronavirus Aid, Relief, and Economic Security Act (CARES) that was signed into law on March 27, 2020 allocated $100 billion in financial relief targeted to hospitals and other healthcare providers. On Friday, April 14, 2020, the…

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