The challenges presented by a year-long struggle against the COVID-19 pandemic continue to persist for New Jersey and Pennsylvania-area individuals and businesses.

This month, the Small Business Administration (SBA) issued a new Interim Final Rule changing the loan calculation formula for specific Payroll Protection Program (PPP) applicants. The sweeping changes apply to self-employed business owners, independent contractors, and sole proprietors, with or without employees.

The Paycheck Protection Program (PPP) has provided millions of financial relief to New Jersey and Pennsylvania-area businesses and nonprofit organizations. It was reported by the Small Business Administration (SBA) since the start of 2021 that $133.5B in loans have been issued with an average amount of $73,966. These loans have helped businesses and nonprofits manage through the persistent pandemic.

Throughout the COVID-19 pandemic, many independent schools have made changes that balance compliance with government orders and students’ educational needs. In doing this, school leaders remain concerned about their institutions’ financial stability, and many are seeking new funding sources heading into 2021.

Paycheck Protection Program (PPP) loans have been a lifeline for many nonprofit organizations during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.

The Consolidated Appropriations Act, 2021, created many new opportunities for New Jersey and Pennsylvania-area nonprofit organizations.

Paycheck Protection Program (PPP) loans have been a lifeline for many businesses during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.

The expanded Paycheck Protection Program (PPP) reopened today for lenders with less than $1 billion in assets and will open for all other lenders on January 19, 2021. Certain existing PPP borrowers can apply in either application window for a first-draw or second-draw (PPP2) loan.

The Consolidated Appropriations Act, 2021 (CAA) was passed on December 27, 2020, and there has been anticipation surrounding changes to the Paycheck Protection Program (PPP).

The Consolidated Appropriation Act, 2021 (CAA) made several changes to the Paycheck Protection Program (PPP) to streamline forgiveness and make loans available for certain businesses.