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May 24, 2024 · The U.S. Small Business Administration (SBA) has begun referring defaulted Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) borrowers to the U.S. Treasury Department and the Internal Revenue Service for collection. What does this mean?
May 22, 2024 · In 2020, it applied for and received a $250,000 PPP first-draw loan, and subsequently obtained loan forgiveness and retained that $250,000, by falsely certifying that it met the company size ...
4 days ago · Recently, the Service issued guidance stating that loan amounts are considered taxable if the forgiveness was improperly received and is urging taxpayers whose loans were improperly forgiven to file amended returns. In short, if your PPP loan was forgiven improperly, you may owe taxes. What are PPP loans?
May 21, 2024 · SBA implemented a process to screen 7(a) loan applications for eligibility, which included screening for Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) hold codes prior to loan approval.
May 23, 2024 · In this interim final rule, SBA implemented a direct borrower forgiveness process to provide PPP lenders with the technology platform to allow their borrowers to apply for loan forgiveness for loans of $150,000 or less directly to the SBA through the new portal that launched August 4, 2021.
- Patricia O'connell
2 days ago · 1A. Amount of possible loan forgiveness for PPP loans of $150,000 or less: In August 2021, SBA created a “COVID Revenue Reduction Score” for use with the agency’s online PPP direct forgiveness portal. Borrowers must first determine whether their lender has opted in to SBA’s online PPP direct forgiveness portal.
May 21, 2024 · SBA implemented a process to screen 7 (a) loan applications for eligibility, which included screening for Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) hold codes prior to loan approval. However, SBA did not implement the process until August 2023, after we initiated this review.
