April 8, 2020 | Blog | Bert Mills, CPA; Steven Murphy, CPA; David Massey, CPA; and Brian Renshaw, CPA
On Tuesday, April 7, 2020, the Trump Administration announced it will be seeking to add $250 billion in aid to the Paycheck Protection Program (PPP). This action is in response to the high demand from small businesses seeking support from the program. The historic $2...April 7, 2020 | Blog | Bert Mills, CPA, and Chris Arnone, CPA
On the evening of April 6, 2020, the U.S. Small Business Administration (SBA) issued updates and changes to prior guidance for 7(a) loans under the CARES Act Paycheck Protection Program (PPP). Things are changing quickly, and we are committed to keeping you informed....April 7, 2020 | Blog | Chris Tierney, CTP, CFE, and Brian D. Renshaw, CPA
In the rush to get your PPP loan application in, along with trying to operate through the overall magnitude of the current situation, you might not be thinking about the importance of recordkeeping. But now is not the time to put off good, accurate recordkeeping....April 6, 2020 | Blog | Andy Starnes, CPA
One of the more debated topics in the newly established Paycheck Protection Program (PPP) is the treatment of partner compensation, whether in the form of guaranteed payments or distributions. Specifically, the question is whether guaranteed payments or distributions...April 3, 2020 | Blog | Bert Mills, CPA; Andy Starnes, CPA; Chris Arnone, CPA; and Steven Murphy, CPA
On the evening of April 2, 2020, the U.S. Small Business Administration (SBA) issued an interim final rule for 7(a) loans under the CARES Act Paycheck Protection Program (PPP). As a reminder, this program offers $349 billion in loans to small businesses impacted by...April 1, 2020 | Blog | Bert Mills, CPA, Managing Partner; Andy Starnes, CPA, Partner; Chris Tierney, CTP, CFE, Partner & Consulting Group Service Leader; and Tyler Wright, CPA, ABV/CFF/CFE, Consulting Director
On Friday, April 3, 2020, banks will begin taking Small Business Administration (SBA) 7(a) loan applications under the CARES Act Paycheck Protection Program. This $349 billion program will provide much-needed relief to millions of small businesses so they can sustain...April 1, 2020 | Blog | Bert Mills, CPA, Managing Partner; Chris Tierney, CTP, CFE, Partner & Consulting Group Service Leader; Andy Starnes, CPA, Partner; and Tyler Wright, CPA, ABV/CFF/CFE Consulting Director
The CARES Act expands the ways the Small Business Administration (SBA) can help small businesses remain open and meet payroll. The law expands the allowable use of the so-called “Section 7(a)” or “PPP loans” funds to include payroll support, including paid leave,...
