Today, President Trump signed a new $484B stimulus package that includes $320B to replenish the Paycheck Protection Program (PPP) created by the CARES Act in late March. $60B in this round of funding is reserved for smaller businesses and organizations, many of whom did not previously receive loan money. The package also includes an additional $60B in funding for the SBA’s disaster relief fund as well as $100 billion for hospitals and coronavirus testing.
GRF CPAs & Advisors’ (GRF) COVID-19 Response team continues to follow developments and we will issue additional alerts as more information becomes available. Our team is also following this week’s proposed regulations under IRC 512(a)(6) that provide IRS guidance on unrelated business income tax for tax-exempt organizations. Visit our resource center for the latest news and information.
Webinar: Maximizing PPP Loan Forgiveness
Whether your business or organization already received funding or hopes to receive a PPP loan in the near future, you must understand the Small Business Administration’s (SBA) rules and the steps your organization should take to achieve loan forgiveness.
Join GRF for a webinar led by our tax and accounting experts who will walk participants through the PPP loan requirements for forgiveness. They will provide practical steps you should follow to allow your organization to achieve its forgiveness goals and develop a workable plan for the future.
- SBA rules for PPP loans and criteria for forgiveness
- Applying for loan forgiveness
- Internal tracking of PPP funding
- Consideration of other funding sources agreements
- Considerations for your post-PPP survival plan