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PILLA TALKS TAXES - Featured Article(s)
_________________________________________ 

SIMPLER PPP LOAN FORGIVENESS PROCEDURES

Applicable for Loans
of $50,000 or Less

 

On October 8, 2020, the Small Business Administration (SBA), in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans. It applies to PPP loans of $50,000 or less. This new procedure significantly streamlines the PPP forgiveness process. It will make it much easier and faster for small businesses to obtain financial relief under the PPP.

In his statement on October 8, Treasury Secretary Steven T. Mnuchin said:

The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs. Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly. We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds.  We continue to favor additional legislation to further simplify the forgiveness process.

SBA chief Jovita Carranza said:

Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our tool belt to help small businesses and the banks that have participated in this program. We are continuing to ensure that small businesses are supported as they recover.

 

The new procedures released by the SBA and Treasury will also ease the burden on PPP lenders. These procedures will allow lenders to process forgiveness applications more quickly and easily.

On October 2, 2020, SBA began approving PPP forgiveness applications and making forgiveness payments to lenders. SBA will continue to process all PPP forgiveness applications, in their words, “in an expeditious manner.”

The simplified application is SBA Form 3508A. A copy of the form, along with the instructions, is reproduced here.

 

This is an article from the September 2020 issue of Pilla Talks Taxes Newsletter.  

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and most complete article on the subject I have seen…Great job!!!   Dave N. CPA, CTRS Fircrest, Washington

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ARTICLES FOUND IN THE LATEST 

PILLA TALKS TAXES ISSUE:


October November 
2020 

 

VOTE FOR LIBERTY AT THE BALLOT BOX

SIMPLER PPP LOAN FORGIVENESS PROCEDURES
Applicable for Loans of $50,000 or Less

FORM 3508S & INSTRUCTIONS

RS ISSUES GUIDANCE ON PAYROLL TAX DEFERRAL
Still Not Much Direction

FAILURE TO GRANT CDP HEARING IS ABUSE OF DISCRETION
Appeals Office Must be Clear About Hearing Date

BARRETT COULD BE MOST CONSERVATIVE JUSTICE SINCE CLARENCE THOMAS
Reprinted from Daily Tax News – September 26, 2020

 

 

 

 

Missed a prior featured article?

Here are links to some of the favorites:

FIVE THINGS EVERY CITIZEN
NEEDS TO KNOW ABOUT IRS CONTACTS

 

LEVY OF SOCIAL SECURITY BENEFITS

 

HOW LONG DO I KEEP TAX RECORDS?

 

CHANGE IN POLICY ON
ENFORCEMENT OF STRUCTURING LAW

Laws Pertaining to Moving Your Money
from Account to Account

 

WHAT EVERY CITIZEN NEEDS TO KNOW 
ABOUT RETIREMENT FUND DISTRIBUTIONS

The Tax Consequences of Taking Your 401(k) or IRA  

 

"I'M FROM THE IRS... -And You're Going to Jail!"

 

PASSPORTS AND THE IRS
  They Have More in Common Than You Might Think

 

END OF THE YEAR TAX PLANNING
  9 Simple Steps That Can Cut Taxes and Pain

  



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