The House has passed seven bipartisan small business bills aimed at improving the operation and oversight of key Small Business Administration (SBA) programs. 7 Small Business Bills Pass US House The slew of bills includes legislation to extend the statute of limitations on small business pandemic fraud cases, enhance workforce […]
PPP
There’s Still Time to Apply for PPP Loan Forgiveness for Many Recipients
As of April 24, 2022, 96% of 2020 PPP loans and 81% of the 2021 PPP loans have been fully or partially forgiven. That’s according to the latest SBA Forgiveness Platform Lender Submission report. 23% Still Haven’t Applied for PPP Loan Forgiveness A very important point to remember about the […]
For many Minnesota businesses, PPP loans were saving grace
After years of brewing his own beer at home, Don Anderson, with the support of a childhood friend and his wife and daughter, took a leap of faith in 2019 and opened Fat Pants Brewing Co. in Eden Prairie the week of Thanksgiving. Sales from December, the brewery’s first full […]
House Small Business Committee Advances PPP and EIDL Loan Fraud Bills
Two of the 7 bills advanced by the House’s Small Business Committee deal address fraud in the Paycheck Protection and Economic Impact Disaster Loan programs. Both bills would establish a ten-year statute of limitations for prosecutions related to fraud. HR 7352 is for the PPP, and HR 7334 is for […]
Marking the 2-Year Anniversary of the PPP Loan for Small Businesses
There are happy anniversaries and not-so-happy anniversaries. The first week of April marks the two-year anniversary of the Paycheck Protection Program (PPP) administered through the Small Business Administration (SBA). Although the memories of that stressful time could fall into the “not-so-happy” category, the results – for millions of small businesses […]
PPP loans do not need to be reported as taxable income on tax returns
At the beginning of the COVID-19 pandemic, the U.S. government rolled out a loan relief program to help small businesses impacted by the crisis. Businesses have been able to use these Paycheck Protection Program loans to maintain payroll, hire back employees who may have been laid off, and cover applicable […]