PPP Forgiveness Update

The SBA and the Treasury Department recently clarified that partial loan forgiveness will be available even if less than 60% of the funds are spent on payroll costs. Read more in this AICPA article here.

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In Memory of Bill Laukhuf

  We are sad to hear about the passing of William “Bill” Laukhuf, on June 5, 2020.  Bill founded our Van Wert office in 1968, where he worked until 2013, when he retired.  His 45 years of service to our firm, clients, community and co-workers will not be...

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PPP Forgiveness Updates with Recently Passed Legislation

On June 3, 2020 the U.S. Senate passed the Paycheck Protection Flexibility Act, which extends the time allotted for Paycheck Protection Program (PPP) borrowers to spend their PPP funds and still qualify for forgiveness of the loans. The new legislation also changes...

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PPP Forgiveness Rounding Error for Self-Employed Individuals

There is some confusion over the amount that self-employed individuals are supposed to be paying themselves from the Paycheck Protection Loan.  The Interim Final Rules from the SBA say that the compensation to the sole proprietor filing on a Schedule C or Schedule F...

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SBA PPP Forgiveness Application Released

Last Friday, the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Forgiveness Application along with instructions for PPP borrowers. The instructions give guidance on the PPP forgiveness calculation...

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SBA announces Safe Harbor for PPP loans under $2 million

According to guidance released by the SBA regarding PPP loans, the SBA will assume that any business who received a PPP loan of less than $2 million requested it in good faith and will not subject it to review. PPP loans in excess of $2 million will still be subject...

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