Frank Pina
SBA Streamlines PPP Forgiveness for Loans ≤ $50,000
On October 8, 2020, the Small Business Administration (SBA) released a streamlined two-page application (i.e., Form 3508S) focused specifically on small Paycheck Protection Program (PPP) borrowers who borrowed less than $50,000. Although eligible loans account for only 9% of overall PPP loan dollars, they amount to approximately two-thirds of all PPP loans funded. The instructions to…
SBA Issues Procedural Notice for PPP Lender Forgiveness Reviews & Submissions
On July 23rd, the Small Business Administration (SBA) issued the following Procedural Notice regarding the process which lenders must follow in their review of your Paycheck Protection Program (PPP) forgiveness application and how they will interface with the SBA to request reimbursement for loans that they approve for forgiveness. View the Procedural Notice here –…
Mercadien Webinar Replay: Are You Ready to Submit Your PPP Forgiveness Application?
Frank Pina, CPA, Sherise D. Ritter, CPA, Kyle Neeld, CPA, Managing Directors & Elizabeth LaCorte, CPA, Manager, presented a webinar Are You Ready to Submit Your PPP Forgiveness Application? on Wednesday, July 29th. During the webinar, they went over: Key points of the PPPFA Modifications to provisions related to PPP loan forgiveness, including: Extended covered period…
Frank Pina Featured Guest on RVN TV’s Behind the Numbers
Frank Pina, CPA, CFF, CFE, CGMA, Managing Director with Mercadien’s Forensic & Litigation Support Services Group, was a featured guest on RVN TV’s Behind the Numbers with host Dave Bookbinder. The two discussed how organizations can identify fraud & what to do once fraud is detected. To view the full interview click here. For more information…
PPP Alert – Senate Agrees to Extend PPP Loan Program to August 8th
The Senate passed a bill to extend the filing deadline for Paycheck Protection Program (PPP) loans late on June 30th, just hours before the Small Business Administration (SBA) was set to stop accepting applications. However, unless and until the House of Representatives approves the language, the SBA will stop accepting PPP applications. The PPP provides…
The Main Street Lending Program: An Alternative to the PPP
The lender portal for the Federal Reserve’s Main Street Lending Program (MSLP) has opened as the alternative to the Paycheck Protection Program (PPP). Unlike the PPP, the Main Street Lending Program’s loans are not forgivable, although they are at low interest rates. The program is being offered through the Federal Reserve rather than the SBA…
PPP Loan Alert – SBA & Treasury Issue Guidance on PPP Flexibility & Updated Applications
On June 10, 2020, the Small Business Administration (SBA) and Treasury Department issued an interim final rule to address changes made by the Paycheck Protection Program Flexibility Act (PPPFA). Streamlined PPP loan application forms for borrowers and lenders for loans made on or after June 5, 2020 were also updated and published. The interim final…
Changes to PPP – What Should You Know?
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The PPPFA provides flexibility to borrowers attempting to maximize the benefits provided by the Paycheck Protection Program (PPP) established under the CARES Act. For existing PPP loans, the PPPFA provides the following: Extends the period for PPP…
SBA Interim Final Rules on PPP Loan Forgiveness & Borrower/Lender Responsibilities
On May 22, 2020, new interim final rules were released by the Small Business Administration (SBA) providing guidance to borrowers and lenders regarding the SBA’s review process under the Paycheck Protection Program (PPP), including the loan forgiveness calculation and eligibility. Highlights from the May 22, 2020 interim final rules are as follows: The SBA review…
Important Business Considerations for the New Normal
Since the beginning of the COVID-19 pandemic and the issuance of stay at home orders and business shutdowns eight weeks ago, there have been many Federal and State moratoriums, executive orders and updates to governmental guidelines to lessen the impacts of the pandemic. Businesses grappling with decisions made, or to be made, will need to…