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Simpler PPP Forgiveness for Loans of $50,000 or Less

October 14, 2020: Following is an update about PPP loan forgiveness. Some of you already reached out looking for guidance so we wanted to share with you new information that was just published. With the failed effort to sign a new stimulus package into law, the SBA along with the Treasury Department issued new guidance on October 8th that allows businesses with PPP loans of $50,000 or less to self-certify they used their funds appropriately and receive complete forgiveness. You will still need to provide documentation proving the funds were used appropriately but you can now use a new SBA Form 3508S application to submit to your lender or wait for your bank to update their online application portal.

The new rules also remove the requirement to show that you did not reduce head count or salaries in order to not suffer a reduction in loan forgiveness.

Below is the link to the SBA site which provides additional information. The SBA site provides you the links to view the simpler loan application and the instructions for completing the simpler loan forgiveness application for loans of $50,000 or less.

https://www.sba.gov/article/2020/oct/08/sba-treasury-announce-simpler-ppp-forgiveness-loans-50000-or-less

If you received $50,000 or less in PPP funding, now is the time to reach out to your individual lender and follow their instructions as to how to submit your loan application and supporting documents. If you are one of our payroll clients and need assistance gathering the necessary payroll reports and payroll returns please contact us. We have these documents available. 


There remains the outstanding question of the deductibility of the expenses used for PPP loan forgiveness. The IRS issued guidance on April 30,2020 stating that normally deductible expenses CANNOT be taken if used for PPP loan forgiveness. Lenders and business advocacy groups have been lobbying against this with the hope for a fix in the new stimulus bill. 


 I urge you to consult with your tax accountant. Have them review your forgiveness application before you submit and help you to understand how this ruling may affect you and your tax obligations.

Please reach out with any other questions or concerns you may have and we will do our best to help guide you to the answers you are seeking.

Applications open Oct. 19 for second round of We’re All In Small Business Grants 

October 7, 2020WEDC will distribute an additional $50 million to small businesses hit hard by the COVID-19 pandemic in the second round of We’re All In Small Business Grants, which open for applications Oct. 19.


The first phase of the program provided more than $65 million in grants to more than 26,000 businesses statewide this past summer. Despite the infusion of federal Coronavirus Aid, Relief and Economic Security (CARES) Act funds distributed by WEDC, however, many Wisconsin small businesses continue to struggle. The new round aims to provide grants of $5,000 each to 10,000 additional Wisconsin small businesses.


In the upcoming grant round, businesses are eligible to apply even if they received funds under the first round of We’re All In Grants or the Ethnic Minority Emergency Grant initiative. Priority will be given to businesses that have not previously received funds from either of the first two programs, those with ethnically diverse ownership, and those in the hardest-hit sectors, such as restaurants and taverns, hair and nail salons and barbershops, and other services.


To be eligible for the second round of We’re All In Grants, an applicant must:

1) be a Wisconsin-based, for-profit business;

2) in 2019, have 75% or more of company labor costs in Wisconsin and 75% of their assets in Wisconsin;

3) earn more than $0 and less than $1 million in annual revenues (gross sales and receipts);

4) have started operating prior to Jan. 1, 2020 (seasonal businesses should use the highest total FTEs employed during the season); and

5) have filed their 2019 taxes.


Round 2 of We’re All In Grant funding was part of a package of initiatives announced by Governor Tony Evers over the last two days, including $100 million for various economic stabilization efforts and nearly $50 million in support for child care, health care navigators, and energy and rental assistance.


The grant application period will open at 8 a.m. on Monday, Oct. 19, and will close at 11:59 p.m. Monday Nov. 2.


Applications will be accepted on the Wisconsin Department of Revenue website, and details about the grants—including eligibility requirements, limitations and the documentation needed to apply—are already available for applicants to review. Applicants that are unable to apply online may request assistance by calling the Wisconsin Department of Revenue at 608.266.2772.


Source: https://wedc.org/blog/applications-open-oct-19-for-second-round-of-were-all-in-small-business-grants/

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