SBA

The American Institute of CPAs is asking the Small Business Administration to fix some problems that businesses are encountering when applying for loans from the Paycheck Protection Program.

The Small Business Administration issued some preliminary guidance on how a new federal program to provide help to hard-hit playhouses, movie theaters, museums and other venues will work.

Small businesses in Nebraska, Oklahoma and other rural states have been the most successful at getting federal pandemic relief in the $284 billion round of aid that opened this month, buoyed by a new rule that authorizes loans to many farms that didn’t qualify before.

The U.S. Small Business Administration is pledging to improve the loan review process, even as it pursues a record number of fraud complaints.

The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation.

Here are five ways the latest round of the Paycheck Protection Program is different.

The U.S. Small Business Administration plans to reopen the Paycheck Protection Program to small lenders on Friday and to all lenders next Tuesday.

The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.

As the time comes for businesses to apply for PPP loan forgiveness, CPAs can provide vital assistance to ensure success for their clients.

Lawmakers are seeking to address some of the PPP’s more obvious failings in the latest coronavirus bill.

The single-family house on Forestview Avenue in Euclid, Ohio, a suburb of Cleveland, shows no signs of farming activity. The only things growing on the one-eighth-acre plot are trees, shrubs and grass.

For a few months this year, a U.S. government aid program meant for struggling small-business owners was handing out $10,000 to just about anyone who asked. All it took was a five-minute online application. You just had to say you owned a business with at least 10 employees, and the grant usually arrived within a few days.

The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven.

Small-business employment and hours worked grew a bit in September, especially in the Northeast and within the construction industry, according to the latest monthly report from payroll giant Paychex.

The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness.

But the federal government has been able to correct some of its earlier missteps, like sending millions of stimulus checks to the deceased, according to the Government Accountability Office.

With the forgiveness process now open, accountants, tax professionals and auditors are working around the clock to submit forgiveness applications on behalf of their clients. There are several steps you can take to increase the likelihood of loan forgiveness.

The U.S. Small Business Administration has posted rules about how businesses who have been turned down for forgiveness of their Paycheck Protection Program loans can appeal the decision.

The American Institute of CPAs joined with more than 170 organizations in asking congressional leaders to allow businesses to write off expenses associated with loan forgiveness under the Paycheck Protection Program.

Granting and forgiving loans in different years can create problems.