take advantage of the program into the first week of August. There’s also a searchable database where you can get some more specifics, thanks to a lawsuit brought by a coalition of national news organizations that sued to obtain the info. Organizations that received more than $2 million to keep their employees on the payroll are slated for a full audit to make sure the money is properly used. Home \ Blog Posts \ PPP Loan Forgiveness and Deductions Update. Sign up for the free Billy Penn email newsletter to get everything you need to know about Philadelphia, every day. Friday, October 9, 2020: Small business owners who took out a Paycheck Protection Program (PPP) loans of $50,000 or less will have a simpler process to follow to seek loan forgiveness, the SBA and Treasury Department said. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020 -- the website says after Trump signed the bill into law. The program was introduced as part of the CARES Act at the beginning of the coronavirus pandemic and was introduced to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans. It has been awhile since we updated our clients and friends about the Payroll Protection Program (PPP). Once alcohol starts flowing, COVID mitigation rules often go out the window, staffers said. Check out the map below. Started by a lawyer from the Dominican Republic, the business became a staple in the Philly immigrant community. Loans issued prior to June 5 have a maturity of 2 years. Generous members offered a big donation if we raise $10k by year's end. PPP Loan Update: Simplified Loan Forgiveness Application. Congress just passed legislation that creates funding for additional Paycheck Protection Program (PPP) loans for small businesses. The Paycheck Protection Program Flexibility Act was signed off early June and extends the amount of time, and broadens the use of the loan. 6 New PPP Loan Forgiveness Updates. Automatic PPP loan forgiveness has been floated a couple of times. Please note: This blog is current to the date of its publication, Monday, Oct. 12. The repayment period has been changed from two to five years while you can now choose to spend as little as 60% rather than the previously stated 75% on payroll expenses. The legislation said that for loans under $50,000, recipients would not have to “submit any documentation or application to receive forgiveness” as long as they certified that they used the funds in compliance with the rules. This Client Alert provides an update regarding recently issued guidance on the PPP program, including loan disbursement requirements and certain considerations for (and additional scrutiny of) PPP loan recipients. Thousands of Philadelphia companies and small businesses were awarded Paycheck Protection Program loans to stave off the financial freefall of the coronavirus pandemic. We are unsure of whether or not … ¡Exclusive here! When will people learn to keep the city’s name out of their mouth? This information is not legal advice and may not be suitable for all client situations. "Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors.". The funding designated for contingency sites is not flexible, city officials said. The released form applies to businesses with PPP loans of $50,000 or less. PPP Loan Update: Simplified Loan Forgiveness Application October 12, 2020 / in Articles, COVID-19 / by Amanda Hallemeier. “Under the PPP program, however, as long as the loan is used for qualified expenses, its forgiveness is not treated as taxable income," the statement said. What US states are doing to slow the Covid-19 spread, USA surpasses 2.5 million coronavirus cases, Lionel Messi and Luis Suárez could join Inter Miami in 2022, Mario Balotelli scores four minutes into Monza debut, Qatar 2022: Ahmed Bin Ali Stadium director talks to AS upon inauguration. The Paycheck Protection Program — PPP — application process has been extended until 8 August after Donald Trump signed a new law that would allow people to take advantage of the program into the first week of August. Three teens at Central High describe their experience volunteering with Philly Youth Vote. Tom Ichniowski. New covid variant in US: first case detected in the country. Nearly 2,500 Philly companies got more than $150k in aid, and another 15,200 spots received loans under the $150k threshold. The program is paid for by CARES Act funding. Thanks to an observation by Bucks native Colt Shaw, the Medieval young boul has gone viral. The rest went to the state budget. Before her recent car purchase, the Philly-area native comedian was a public transportation diehard, she told Jimmy Fallon. Data editor Julie Christie of solutions journalism collaborative Resolve Philly mapped the PPP recipients across the city. Update: SBA Issues New PPP Guidance After AGC Sues Contractor group also challenged OMB on legality of loan-forgiveness eligibility questionnaire. registrado The Senate cleared changes to the popular Paycheck Protection Program on Wednesday that will allow small businesses more flexibility in using … Billy Penn is one of more than 20 news organizations producing Broke in Philly, a collaborative reporting project on economic mobility. Reader support powers our local pandemic reporting. A monthly membership helps lock it in. Update December 27, 2020: The President has signed the stimulus bill that includes additional funding for PPP loans. Last Updated: December 22, 2020 9:00 a.m. To this end, we now post our updated … Join to the sexy contacts online community, live your adventure. Of 75k people who applied to the PHFA program, fewer than 27k got assistance. Because so many of you have some fairly diligent IT folks protecting you from spam and malicious emails, a great number of the bulk emails we send out with attachments never make it to you. Most recently, it came up in the updated version of the HEROES Act passed in the House last week. As always, if you would like specific legal assistance with respect to the PPP program or … Wondering which local outfits participated, and how much they got? ¡Sign up!. But … Potential Updates to PPP Loans. November 23, 2020; Wayne Naegele; Author's Bio; Blog Posts; 0 Comments; November 23, 2020 . Official retro t-shirts English football clubs, be inspired by the most important moments of the premier. The original PPP loan program required small businesses to spend their funds within eight weeks of the date they received their loan proceeds. 116-136).. ‘Unprepared’ Philly police violated use-of-force and tear gas policies during summer protests, review finds, Secret Philly: The story of Rosa Photo, that FBI fingerprinting truck at 16th and Callowhill, Philly health department clears Gritty for Flyers games, NHL relents, Thousands say they’re going to the Mummers march on New Year’s Day, Philly’s new mobile testing truck is designed to contain COVID clusters with rapid response, Philadelphia students helped register young voters in advance of the Georgia runoffs, Jim Kenney’s no good, very bad year: As pandemic and protests roiled Philadelphia, the mayor had regrets, Catering workers describe maskless parties and high-risk gigs, as biz owners hope for a safer spring, Tina Fey’s ‘I’m a SEPTA b*tch’ wouldn’t be a bad slogan, says transit agency GM, South Philly’s Bok building launches free weekly COVID tests for tenants and staff. Dear Clients, Colleagues and Friends, The Internal Revenue Service has issued new guidance concerning the deductibility of expenses used to obtain Paycheck Protection Program (PPP) loan … Dismissed by many, Dr. Katalin Karikó remained passionate about mRNA therapeutics. An updated data set with new details about the U.S. Small Business Administration program was released mid-December. "Thus, an expense paid with a PPP loan costs a business nothing — the loan covers the expense and there is no tax on the loan forgiveness. No clickbait, no cliffhangers: the Billy Penn morning newsletter. Good Evening, First, I wanted to go over a brief procedural matter. Paycheck Protection Program (PPP): what companies got loans? Loans issued after June 5 have a maturity of 5 years. This article was originally published July 9, 2020, and has been updated. Since inception, the PPP has been fraught with frustration and glitches for biz owners and entrepreneurs. Related content . Read more at brokeinphilly.org or follow at @brokeinphilly. Restaurants, for example, had trouble complying with the requirement to hire back employees because of local safety restrictions. The mascot petitioned the league to be deemed “essential" — and appears to have won. In Philadelphia, most of the loans greater than $150k were concentrated in Center City’s 19103 ZIP code. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll according to the Small Business Association’s official website. Small business PPP loan 2.0 recipients may benefit from this key tax change One key change loan recipients are likely to benefit from is that loan dollars may be tax-deductible The PPP is one of two programs that provides financial support lending for small and large businesses pursuant … Additional PPP loan funds made available: $267.5 billion in PPP loan funds would be on offer through the same channels — banks, non-bank lenders and community development finance institutions — plus an additional $20 billion for Economic Injury Disaster Loans through the Small Business Administration.Those are grants to businesses in low-income communities. 1000. Some corporate chains that got loans ended up giving them back. UPDATED 2:15 PM PT – Sunday, December 20, 2020 A new bipartisan proposal seeks to overturn the Treasury’s stance on the Paycheck Protection Program’s tax … Can we count on you as a Billy Penn sustainer? On December 21st, 2020, a new stimulus package was passed in both the House and Senate that would provide economic relief in many important areas. The Small Business Administration has already distributed 5.2 million PPP loans worth more than $525 billion. The report also found the department’s lack of planning left officers vulnerable. As was widely reported back in May, the Internal Revenue Service (IRS) issued Notice 2020-32, in which it determined that 2020 expenses which have been paid using Paycheck Protection Program (PPP) loan proceeds will be nondeductible to the extent those loans are subsequently forgiven. For the smaller loans, the data does include the exact amount awarded. Broke in Philly These 15 new startups want to help Philly millennials stay healthy, This 15th century Carthusian monk looks exactly like a dude from Northeast Philly, Inquirer cartoonist Signe Wilkinson is retiring after 35 years of satirizing Philly, Philly scientist behind COVID vaccine tech was demoted by UPenn, yet she persisted, 12 times Philly made national headlines, and what everyone got wrong, How to let goats eat your Christmas tree, or recycle it another way in Philly, Heading back to a shelter, Philly mom wishes COVID hotel money could pay for housing instead, 10 inspiring moments from Philly’s 2020 social justice protests, Belsnickels and bar brawls: A brief history of Christmas revelry in Philadelphia. Thousands of Philadelphia companies and small businesses were awarded Paycheck Protection Program loans to stave off the financial freefall … Learn more if you qualify for a second round of PPP Loan. Message from Jennifer Roberts, CEO of Chase Business Banking. New applications were not accepted after August 8, 2020, most earlier loan recipients completed their 8-week covered period over the summer, and the pace of revisions to the program finally slowed down. Want some more? Para poder comentar debes estar PPP Update — Simplified Forgiveness [ Published October 12] On October 8, the Small Business Administration (SBA) published its Loan Forgiveness Form (3508S) along with instructions. Follow all the latest coronavirus-related news in the US with our live blog. PPP Loan Forgiveness and Deductions Update. L. No. Artwork, engagements, basketball, and solidarity. Explore other y haber iniciado sesión. Everything you need to know about Philly, every day. The Paycheck Protection Program — PPP — application process has been extended until 8 August after Donald Trump signed a new law that would allow people to … The Department of Treasury split the data into two groups: loans more than $150k, and loans less than $150k. Update on PPP and Loan Forgiveness. New relief bill includes more PPP loans, but the rules to apply are different. ¿Olvidaste la contraseña? How the December 2020 stimulus package may impact current and future PPP loan recipients. PPP Loans Which are Forgiven Will Be Deductible The IRS has issued a series of Revenue Procedures and Notices that alarmed many PPP borrowers … Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners. stories. Only a third of CARES Act housing relief went to PA residents. The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax … The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program's extension legislation. Updated FAQs on PPP loans; extension of deferral period The U.S. Treasury Department updated a set of “frequently asked questions” (FAQs) concerning the Paycheck Protection Program (PPP) as administered by the Small Business Administration (SBA). Don't let your tree end up clogging the trash. The PPP is one of two programs that provided financial support lending for small and large businesses pursuant to measures included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Pub. Smith was even more surprised to … The SBA has ten days after enactment to issue regulations. It will also make it easier for many current PPP borrowers – especially with loans of … Source: Bloomberg, October 14, 2020. Covid-19 vaccine US schedule: when can I get it? For seasonal employers, the maximum amount of new PPP loans is based upon 2.5 times the average monthly payroll costs for the 12-week that begins February 15, 2019 or … The pioneering artist was the first woman in her field to win a Pulitzer. Find everything you need to know about Philly, every day — in clear, direct language, like a good friend might say. The FAQs [PDF 266 KB] (updated December 9, 2020) now include FAQ #53 to explain why recipients of PPP loans of $2 million or more are receiving questionnaires … Could I get second stimulus check and unemployment benefits at the same time? Share. Challenge grant! Among the companies in the higher threshold, we know the name and address of the business that received the loan — but not the exact amount. Test your local knowledge — join us for the next Philly Quizzo virtual event, or take the quiz online. The PPP has been tweaked to support main street businesses as well as their larger counterparts. according to the Small Business Association’s official website. PPP Update – Simplified Loan Forgiveness Application for PPP Loans for $50,000 or Less. … The first PPP rollout was fraught with issues and favored big business over smaller ones. "The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses," Treasury Secretary Steven T. Mnuchin said. ET. The region has been known to turn up around the winter holidays. Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan … More than 5 million PPP loans — $525 billion in funding — were approved earlier this year. Proposed Paycheck Protection Program updates include streamlined forgiveness for loans under $150,000 and a second draw for distressed businesses … The city says it's "prepared to manage" the event, which is billed as a protest — not a parade. Get information on how to get ready to apply. December 9, 2020. PPP loans have an interest rate of 1%. “No big city mayor got it right in 2020," said one Philly councilmember. Businesses that are still struggling may be … Great news. After getting access to expert advice, the Well City Challenge finalists will compete to win $50k in prizes. The Flexibility Act also increases the time to use the loan from eight weeks to 24 weeks, helping borrowers to reach full forgiveness. (Disclosure: WHYY, Billy Penn’s parent company, received a PPP loan, as did Resolve Philly.). Loan Necessity Addressed in New Guidance In response to negative press coverage regarding certain large publicly traded companies receiving PPP loans, the government issued an update to its frequently asked questions page with new question #31, copied below (emphasis added). Patients will self-administer the tests, then hand them to workers through a plastic barrier. The Small Business Administration (SBA), along with the Department of Treasury, issued a set of Frequently Asked Questions (FAQs) about Paycheck Protection Program (PPP) loan forgiveness on August 11, 2020. Love Philly? Business owners will need to pay careful attention to these updates to make sure they're still eligible to apply for PPP loans. As of today, December 24th, 2020, the bill has not been signed by the President. Below is a summary of the key information from the released FAQs: According to the SBA and the Treasury Department, 4.9 millions have been issued so far. 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