Federal

Updated PPP Rules and New Forms

In February, several changes were made to the Paycheck Protection Program (PPP). On March 3, 2021, the Small Business Administration (SBA) released an interim final rule (IFR) providing guidance on those changes. They also issued new/updated application forms and updated the frequently asked questions (FAQs) on their site. This new guidance addresses borrowers who file […]

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PPP Update: Rules Change To Reach Small Businesses

The Small Business Administration (SBA) has established an exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses and nonprofits to submit their applications. The SBA also announced four additional changes to open the PPP to more underserved […]

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Accounting Alternative for Goodwill Impairment Triggering Events

Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs.  Companies and organizations are required to monitor and evaluate goodwill impairment triggering events, as they occur throughout the year. This presents challenges for entities with goodwill on their balance sheets, if they were shut down or incurred […]

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New PPP Rules, Applications, and Loan Forgiveness Revealed

New PPP Loan Forgiveness Application The US Small Business Administration (SBA) and Treasury updated their loan forgiveness forms on January 19, 2021. Among these is the PPP Loan Forgiveness Application Form 3508S, for those whose PPP loan was $150,000 or less. Form 3508S requires info on the borrower’s loan amount, disbursement date, employee totals, covered […]

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