Main Street Lending Program Open for Business COVID-19 Business Update Business Advisory Services Group The Main Street Lending Program has finally commenced lending operations with over 90 financial institutions now set up to originate Main Street loans. It is unclear…
Trump Signs Extension of PPP Loan Application from June 30 to August 8th COVID-19 Business Update Business Advisory Services Group President Donald Trump signed a bill re-opening the application window for the Paycheck Protection Program (PPP) until August 8. The…
60-Day Rollover Period for Required Minimum Distributions Already Taken in 2020 Extended to August 31 COVID-19 Business Update The CARES Act enabled any taxpayer with a required minimum distribution (RMD) due in 2020 from a defined-contribution retirement plan, including a…
Retirement Plan Withdrawals for COVID-19 Related Expenditures Expanded COVID-19 Business Update The CARES Act allows qualified individuals to treat as coronavirus-related distributions up to $100,000 in distributions from their eligible retirement plans (including IRAs) between January 1 and December 30,…
PPP Loan Recipient Data to be Published for Loans of $150,000 or More COVID-19 Business Update The U.S. Small Business Administration (SBA) and Treasury have agreed to publish the names and amount ranges for all recipients of Paycheck Protection Program…
Democratic Senators Introduces New Bill (Prioritized Paycheck Protection Program (P4) Act) to Provide Additional Financing to Businesses COVID-19 Business Update A new bill, the Prioritized Paycheck Protection Program (P4) Act, was recently introduced by a group of Democratic Senators. P4…
How to Account for Transactions Related to PPP Financing in Your Company’s Books COVID-19 Business Update The Paycheck Protection Program (PPP) has raised questions from business owners and their internal finance team, including their bookkeepers, on how to record the…
New PPP Loan Forgiveness Applications Released COVID-19 Business Update The U.S. Small Business Administration (SBA), in consultation with Treasury, recently released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application…
Main Street Lending Program Portal Opened Up By Federal Reserve COVID-19 Business Update The lender portal for the Federal Reserve’s Main Street Lending Program has opened after weeks of delays. Unlike the Paycheck Protection Program (PPP), the Main Street Lending…
Updates on Main Street Lending Program COVID-19 Business Update On April 9, 2020, the U.S. Federal Reserve launched a $600 billion lending program aimed at helping to relieve the liquidity crisis facing many small and medium-sized businesses in the aftermath…