![[Webinar] PPP 2021 Program – Updates on Loan Applications, Rule Changes, Eligibility, Forgiveness, and Interaction with ERTC](https://www.krostcpas.com/wp-content/uploads/Webinar_-PPP-Second-Draw-Program-–-Rules-for-Eligibility-and-Forgiveness-2.jpg "[Webinar] PPP 2021 Program – Updates on Loan Applications, Rule Changes, Eligibility, Forgiveness, and Interaction with ERTC")
The PPP loan program is evolving fast with new rules on Second Draw applications, including a 2-week pause on companies with 20 or more employees and new calculations for sole proprietors. In addition, both the lenders and the SBA are reviewing, rejecting, and putting holds on many applications because of API errors, compliance failures, and Read the full article…
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 the full article…
The SBA has opened the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. At this point, it is initially accepting First Draw PPP Loan applications from Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries. However, that will be broadened to include all lenders, and Read the full article…
As previously reported, the $900 billion COVID-19 stimulus Bill contains an additional $284 billion for additional PPP loans for small businesses, referred to as Second Draw Loans. Some of the new rules and rule changes apply to both the Initial and Second Draw PPP loans. Below are the details of the Bill, with respect to PPP Read the full article…
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 the full article…
KROST has now assisted over 50 clients prepare and submit PPP loan forgiveness applications to their lenders and those submitted to the SBA had 100% forgiveness. Although there is no immediate rush to submit loan forgiveness, there are two main reasons companies are applying now rather than later. First, once forgiven, you can take the Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “Solving the Unsolvable” Quantum Computing Developments and Constraints” by Paren Knadjian The computing ecosystem has had deep influences on society and changed lives in a myriad of ways. Despite decades of impressive Moore’s Law performance scaling, there are Read the full article…
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 the full article…
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 the full article…
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 the full article…
