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You are here: Home / Archives for U.S. Treasury Department

SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, All Lenders on Tuesday, January 19

January 14, 2021 By CollisionWeek Editor

Lenders with $1 Billion or less in assets will be able to submit first and second draw PPP applications on Friday – continuing dedicated access for Community-Based Lenders. The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion […]

Filed Under: News Tagged With: Coronavirus, Paycheck Protection Program, U.S. Small Business Administration, U.S. Treasury Department

SBA and Treasury Announce PPP Re-Opening

January 11, 2021 By CollisionWeek Editor

Applications for first PPP loan start today, second loan applications on January 13, The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced January 8 that the Paycheck Protection Program (PPP) will re-open this week for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial […]

Filed Under: News Tagged With: Coronavirus, Paycheck Protection Program, U.S. Small Business Administration, U.S. Treasury Department

Treasury and IRS Issue Guidance Clarifying Deductibility of Expenses For Businesses that Received a PPP Loan

November 20, 2020 By CollisionWeek Editor

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not […]

Filed Under: News Tagged With: IRS, Paycheck Protection Program, U.S. Treasury Department

SBA and Treasury Department Release Paycheck Protection Program Loan Forgiveness Application

May 18, 2020 By CollisionWeek Editor

On Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act […]

Filed Under: News Tagged With: Coronavirus, Paycheck Protection Program, U.S. Small Business Administration, U.S. Treasury Department

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