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Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Established in 1953 during the Eisenhower administration, the SBA is also charged with providing post-disaster assistance to communities nationwide. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. 1-800Accountant assumes no liability for actions taken in reliance upon the information contained herein. In FAQ46, the SBA announced that “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed The focus on sorting you out in this whole process. We have helped more than 11 million small business owners since 1964. Reply. But on May 13, 2020, the Small Business Administration (SBA) lightened up on small businesses. Most SBA loans fall under two categories: 7(a) and 504. Can I include the wages I paid myself, in addition to payroll expenses for my employees? Strategies like the COVID-19 Economic Injury Disaster Loan can help business owners through the worst of the pandemic and help them come out strong on the other side. The New York Company revealed the fund in a … Attorney Advisor. United States. SBA attorney advisor : usajobs. The Small Business Administration is a government agency dedicated to help small businesses with their legal, financing and training needs. Today the SBA again updated its FAQs related to PPP loans, this time with a welcome safe harbor to the “necessity” certification required by all borrowers. The SBA is not a direct lender. Instead, it guarantees and sets the guidelines for the loans its lending partners provide. SBA Economic Injury Disaster Loan (EIDL) — July 16, 2020 Page 1 of 3 Te Oregon SBDC Networ strives to rovide te most accurate information as it becomes available Te Oregon SBDC Networ does not rovide legal or ta advice We recommend tat you see legal If in doubt, you may want to ask the SBA or an SBDC advisor or SCORE mentor. Many business owners have been reporting the SBA is limiting EDIL loan applicants to $15K which is a long way from the CARES Act $2M loan cap. Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work. This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. The PPP application form asks for the Average Monthly Payroll from 2019. ADDITIONAL EXPERIENCE AND EDUCATION REQUIREMENTS . It is best to engage a qualified cell tower lease attorney to help you with legal advice. What is the grant? Karoly Varga says: October 6, 2020 at 4:36 pm Hello Thank you! Responding to several questions from practitioners, the AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. The SBA… PPP Update for LLCs and Partnerships: The supplemental Interim Final Rule (Second Rule) to the Paycheck Protection Program has important implications for LLCs (filing taxes as a partnership) and partnerships that have applied, or are considering applying, for PPP loans. OTL-ATY-0114. If that’s not the case (you did not enter 0 employees) or not, I would definitely recommend you talk to someone at SBA to clarify. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein. Consult with an advisor (attorney, accountant and/or lender) with questions about PPP eligibility, how the money can be spent, and how to plan for forgiveness of the loan. 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