The Consolidated Appropriations Act signed at the end of 2020 changed the eligibility and increased the amount of credit for the Employee Retention Tax Credit (ERTC). Do you have questions about what to consider in your approach to Paycheck Protection Program (PPP) forgiveness?

In our continued efforts to provide helpful information for clients and friends

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Matt Goldston, a Director in our Entrepreneurial Advisory Services team. Matt, welcome back to the Playbook.

Matt: Thank you, Jen, I appreciate it.

Jen: So, I know we call it the EAS team, I know the EAS team has been working with bankers and our clients on the various intricacies of the Paycheck Protection Plan or “PPP.” How have you been working with banks on PPP-related items?


Continue Reading Navigating Through PPP Loan Forgiveness

The Small Business Administration (SBA) and Department of Treasury released an updated Paycheck Protection Program (PPP) Loan Forgiveness FAQ with detailed instructions on Tuesday, August 4, 2020 as the COVID-19 pandemic continues.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program (PPP) Loan Forgiveness Application

The FAQs cover:

  • General loan forgiveness
  • Payroll costs
  • Nonpayroll costs
  • Reductions

Future legislation may impact this and other PPP-related guidance. We will continue

Disclaimers:

  • The Small Business Administration and Department of Treasury are regularly releasing updated guidelines and clarifications related to the Paycheck Protection Program. Accordingly, the information provided here is subject to change as updates are released.
  • Further guidelines for the Paycheck Program Protection Loan Forgiveness application process are expected in the upcoming weeks. Borrowers should assess the guidelines and determine how to best apply to their situation. Additional consultation with your lender is encouraged.
  • The AICPA calculator Excel spreadsheet used in this video is current as of May 18, 2020. The AICPA will be updating it frequently, and we recommend using the most recent version.

Jen: Welcome to a special edition of the PKF Texas Entrepreneurs Playbook where we are going to walk you through the key points of the Paycheck Protection Program Loan Forgiveness application. I’d like to introduce Sam Razmandi, a Director on our Entrepreneurial Advisory Services team.

Sam: I’m happy to be here. Today I’ll be covering:

Before we get started please keep in mind that the information is subject to change and is intended to be a general overview. Let’s go and get started.


Continue Reading Walkthrough of the Paycheck Protection Program Loan Forgiveness Application

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief