The Small Business Administration (SBA) has set a date of August 10th for lenders to begin submitting forgiveness applications for Paycheck Protection Program (PPP) loans. On July 23rd, the SBA issued a procedural notice (linked here) to lenders outlining the process of applying for forgiveness for their borrowers. The SBA has created a forgiveness platform […]
A warning has been issued to Illinois residents regarding unemployment fraud and identity theft in response to several complaints to the Illinois Department of Employment Security (IDES). Illinois Attorney General Kwame Raoul recently issued an alert stating that if you received an IDES debit card but did not apply for unemployment, you may be a […]
The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot be relied upon as legal […]
With roughly $129 billion in PPP loans still available, an extension has been passed to allow businesses an additional 5 weeks to apply for the funds. The Senate and House both unanimously approved the extension just before the original deadline of June 30th and President Trump officially signed it into law on the July 4th […]
In mid-April, Economic Impact Payments, also known as Stimulus Payments, began hitting bank accounts of taxpayers across the U.S. If you were an eligible recipient of a stimulus check and received your payment, you should have also received Notice 1444 following the disbursement of your payment. Notice 1444 detailed the amount of the payment, how […]
Scheffel Boyle has ranked #11 for number of professionals on the St. Louis Business Journal’s annual Largest Accounting Firms list. The Journal publishes two lists for ranking CPA firms each year: one based on number of CPAs and the other on number of professionals. With 46 CPAs, we are ranked as the 12th largest by […]
On June 16th, the SBA and Treasury released the revised PPP Loan Forgiveness Application. The new application is just five pages long, is said to be “borrower-friendly”, and reflects the changes implemented by the Paycheck Protection Program Flexibility Act of 2020. The revised PPP Loan Forgiveness Application and instructions contain a number of updates, including: […]
On June 8, the Federal Reserve released revised term sheets for its Main Street Lending Program (MSLP), ahead of the program becoming officially operationalized. The MSLP aims to increase the flow of credit to small and medium-sized businesses that were in good financial standing prior to the COVID-19 crisis. Over the past few weeks, the […]
The COVID-19 pandemic has caused widespread disruption to business operations across all industries. In the face of unprecedented uncertainty, financial institutions have a pivotal role in the urgent response to the crisis. There are also specific measures to take that can mitigate the impact of the crisis on financial institutions themselves. Here are answers to […]
Today, June 5th, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law. The bill eases the strict guidelines currently in place to qualify for forgiveness of PPP loan funds and allows for an additional 16 weeks to use the funds for eligible expenses. It also provides more flexibility for use of […]
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