Why Didn’t I Get My PPP Loan?

You may have been one of the businesses that pounced on the hastily assembled Paycheck Protection Program in hopes of getting a loan. Many businesses succeeded, but some did not, and it’s not always clear why. If you didn’t, here are some clues why. Your...

IRS Gives Break on Flexible Spending Plans

The IRS has granted relief for 125 cafeteria plans, health flexible spending arrangements and dependent care assistance programs. In Notice 2020-29, the IRS has: Extended claims periods for taxpayers to apply unused amounts remaining in a health FSA or dependent care...

Breaking News: SBA Releases Paycheck Protection Program Loan Forgiveness Application

Late on May 15, the SBA released Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. Included in the 11-page document are the PPP Loan Forgiveness Calculation Form, PPP Schedule A and a related worksheet to compute payroll costs and Full-Time...

SBA EXTENDS PPP Loan REPAYMENT SAFE HARBOR TO MAY 18

Late Wednesday, May 13, the SBA added new FAQ #47 to their updated PPP Loan Guidance that PPP loans of less than $2 million will be deemed to have been made in good faith. Click here to view MCB’s article on FAQ #46.  FAQ #47 is copied below, and simply states that...

Breaking News: The Small Business Administration (SBA) has just released New PPP loan forgiveness guidance

The SBA, in consultation with the Treasury Department, has just issued new PPP Loan Forgiveness Guidance and FAQs as of May 13, 2020. Specifically, FAQ #46 addresses concerns whether businesses should return PPP funds by the May 14 deadline. FAQ #46 states that “any...

MCB Principals Weigh in on SBA’s PPP Loan Requirements in Washington Business Journal Coverage

As SBA guidance on Paycheck Protection Program loan requirements is complex, many small businesses have been trying to reconcile a myriad of questions surrounding program details.  For example, the requirement to achieve maximum loan forgiveness — that 75...
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