On May 15, 2020, the Small Business Administration (SBA) and the U.S. Treasury Department published a Loan Forgiveness Application for the CARES Act Paycheck Protection Program (PPP). As with other aspects of the PPP, it raises more questions while answering others. Similar to the PPP loan process, we see additional guidance being released once the public […]
Paycheck Protection Program
The Paycheck Protection Program — What’s Next? Part II: Loan Forgiveness
Eligibility and usage are key factors in determining whether a small business will have its loan forgiven. In Part I of this post, we looked at eligibility factors. Once PPP funds are received, what are the best practices to maximize your opportunity to have your loan forgiven? It may sound obvious, but make sure you’re […]
The Paycheck Protection Program — What’s Next? Part I: Loan Eligibility
As one of the largest loan programs in American history was rolled out to help small businesses, it’s not unexpected to see many questions and responses by the U.S. Treasury in the form of FAQs to help clarify the government’s intent with respect to PPP funds eligibility and usage. But are they leaving businesses with […]
Navigating the new business normal
No business sector has been spared the fear and uncertainty we’re all currently mired in. As a firm, Magone & Company has been busy on several fronts — helping business clients seeking financing from the Small Business Administration (SBA) in the form of Economic Injury Disaster Loans (EIDL), applying for the Paycheck Protection Plan (PPP), and […]
PPP update: Application delays & foreign-owned businesses
The Treasury Department recently released a revised PPP application on its website. With the exception of Bank of America, we’re not aware of other banks accepting applications today. It’s likely there will be a 2- or 3-day delay with other banks. We urge you to continue to prepare the necessary underlying documentation to facilitate the […]
Interpreting the new CARES Act: What it means for your business
The much-needed support for small businesses and non-profit organizations has been realized by the passage and signing on Friday March 27, 2020 by the President of The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which introduces the Paycheck Protection Program as a key provision in Title I — the Keeping American Workers Paid and […]