Daily, We are all learning more details and hearing more news about the Coronavirus, Aid, Relief, and Economic Security Act (the “CARES Act”). Our Storen Financial team of advisors and tax preparers will continue to pass along important information to our clients, as we receive it. Below is an article that helps clarify commonly asked questions on the minds of business owners and individuals. This article specifically addresses the questions and answers of businesses, seeking relief under the Paycheck Protection Program. We hope you find this helpful!

 

Questions and Answers Regarding the CARES Act PPP Loan

Article from Arnall Golden Gregory LLP

Providing critical guidance to millions, the U.S. Small Business Administration (“SBA”) issued two Interim Final Rules (collectively, the “Rules”) relating to the Paycheck Protection Program (the “PPP”), and its Office of General Counsel issued an interpretative memorandum (the “Memo”) about the PPP, all in an three-day span beginning on April 2, 2020. The Rules implement Sections 1102 and 1106 of the Coronavirus, Aid, Relief, and Economic Security Act (the “CARES Act”) and help clarify (along with the Memo) some of the questions on the minds of businesses, financial institutions, and their respective stakeholders. At the same time, the guidance received to-date leaves many questions unanswered and suggest further SBA guidance in key areas, including the forgiveness of PPP loans.

We tailored the questions and answers below to businesses seeking relief under the PPP. They give an overview of the PPP and the key terms of loans made under it. We based them on questions we have received, as well as the Rules, the Memo, the CARES Act, and relevant information that the U.S. Department of the Treasury (“Treasury”) has made available.

We continue to monitor SBA and Treasury publications and pronouncements, because new PPP-related information continues to be released on a near daily basis. Click here to continue reading this article.

 

PayPal, Intuit & Square approved to offer loans to small businesses through coronavirus relief program

Article from techcrunch.com

Fintech companies have been lobbying for weeks to be able to participate in the U.S. government’s emergency lending program for small businesses. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program, which provides aid in the form of forgivable loans for small businesses that keep all employees on their payroll for at least eight weeks. Click here to continue reading this article.

 

Blog by Kim Storen, EA – Managing Tax Accountant, Business Services Manager

Learn more about Kim and the rest of the Storen Financial team here.