The October 8, 2020 guidance released by the SBA and Treasury dept. deals with several anticipated PPP updates to simplify the forgiveness processes for PPP loans of $50,000 or less, and clarify lender responsibilities of the review of borrower documentation of eligible costs for forgiveness in excess of a borrower’s PPP loan amount. Changes for…

Suttle & Stalnaker, PLLC is committed to helping our clients manage the ever-emerging Paycheck Protection Program provisions related to the COVID-19 pandemic. As banks begin to send out more communications, we would like to update you on the issues as we see them. Issues being monitored: Forgiveness Applications: Banks are beginning to send out their…

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential PPP tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial…

As we navigate this unprecedented new world we are living, Suttle & Stalnaker continues to monitor and stay abreast of legislative changes in regards to COVID-19 Coronavirus for those benefits that affect businesses.  Below is a list of what you should be paying attention to for your business: Payroll Protection Program This has been in…