Paycheck Protection Program First & Second Draw Loans – Updated Rules

January 11, 2021By Paren Knadjian

On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Section 311 of the Economic Aid Act added a new temporary section, 7(a)(37), … Read More

$900 Billion Stimulus Bill Agreed in Congress

December 21, 2020By Paren Knadjian

Congress reached an agreement late on Sunday, December 20th, for a $900 billion stimulus package.  The Bill is expected to pass the House and Senate and be signed into law by December 23rd. The full text of the Bill has just been released and we are reviewing the details. Meanwhile, below are the highlights of how … Read More

KROST PPP Loan Forgiveness Review Services for Borrowers and Lenders

September 14, 2020By Paren Knadjian

Since the launch of the KROST PPP Loan Forgiveness Application Review Service, almost one-third of our clients that received PPP loans have already signed up. If you’re interested, our services are intended to aid both borrowers and lenders by taking on the burden of calculating forgiveness values, checking that expenses conform to the SBA forgiveness … Read More

PPP Calculator Update and Webinar Replay: PPP Rule Changes and Forgiveness Update with Q&A

June 26, 2020By Paren Knadjian

The KROST PPP Budgeting and Forgiveness Maximization Tool allows you to budget and plan the use of PPP loan proceeds, on a month-by-month basis, to maximize forgiveness. This includes detailed staff planning, minimizing loan forgiveness reductions, and ensuring non-payroll related costs remain within the allotted 40%. You can also enter the actual expenditure for all … Read More

Main Street Loan Program – Updates

June 15, 2020By Paren Knadjian

On June 8, 2020, the Federal Reserve Bank of Boston released updated Frequently Asked Questions (FAQs) and Term Sheets with respect to the Main Street Lending Program. Subsequently, on June 11, 2020, it released corresponding updates to many of the program’s documentation. The Board changed the terms and expanded its Main Street Lending Program to … Read More

Paycheck Protection Program Flexibility Act (PPPFA) Becomes Law

June 5, 2020By Paren Knadjian

The PPPFA On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) that changes the forgiveness rules on the Paycheck Protection Program loans. The House passed the PPPFA by 417-1 vote on May 27th, and the Senate approved it by unanimous consent on June 3rd. The key changes … Read More