PPP Loan Fraud now at $3 Billion

A House Select Subcommittee released a report yesterday detailing an analysis on The PPP Loan Program. Specifically, it found 11,000 problem loans totaling over $3 Billion.   Yep. That’s right. That’s $3 Billion with a B. The news on this program just...

New Interim Rule on PPP Loan Appeals

It seems like we are receiving new interim rules on this program daily. This one, announced by The SBA, is in reference to the rules regarding Loan Review Decisions.   Let’s remember that the forgiveness portion of the PPP Loan Program starts with your...

New PPP Loan Forgiveness Guidance

The SBA and The Treasury Department issued additional guidance last Monday on a few of the remaining issues for PPP Loan Forgiveness. The issues relate to owner-employee compensation and the eligibility of non-payroll costs to be included in the forgiveness formula....

The Economic Injury Disaster Loan

I first wrote an update on The EIDL Loan a little over two weeks ago. Unbeknownst to most, the SBA had once again opened it up to all businesses, rather than just agricultural based enterprises.   In that period, I have heard from not less than six clients who...

Updates on The President’s Executive Order

After months of haggling on Capitol Hill, our Congress left Washington for a recess without passing anything to help in the continuing fight against the pandemic. That’s right…nothing.   Sadly, it is obvious that the process of governing our nation...

New FAQ’s on PPP Loan Forgiveness

While Congress and The White House continue negotiations on the newest stimulus bill, the SBA issued a new ten page document further clarifying the rules on forgiveness. We are still waiting to see whether or not all of the loans under $150,000 are going to be...

The Lasting Effects of The Pandemic

As our elected officials hammer out The CARES Act II Package in Washington, I thought that I would spend some time talking about the lasting effects of this sweeping problem.   A couple of days ago I had a chance to spend some time with a few of my long time...