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COVID-19: Loans & Grants

  • WEBINAR: Paycheck Protection Program as Amended by the Economic Aid Act
    Gettry Marcus CPA, P.C. presents Paycheck Protection Program as Amended by the Economic Aid ActIncluding Guidance and Planning for PPP 2, the Employee Retention Credit, and Updates on PPP Loan Forgiveness Friday, January 15, 2021 | 10:00 a.m. – 11:00 a.m. Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for our continuing webinar series on the recently passed Economic Aid Act (“EAA”), which has amended the Paycheck Protection Program (“PPP”) and now includes an Employee Retention Credit (“ERC”). The EAA has provided updated guidance regarding the first round of PPP loans (“PPP 1”) and announced provisions with respect to […]
  • U.S. Treasury Releases FAQ #53
    At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On December 9, 2020, the U.S. Treasury released FAQ #53, which impacts PPP loan borrowers who received $2,000,000 or more of PPP funds (following SBA aggregation rules).  See the below excerpt from the U.S. Treasury’s PPP FAQ’s: 53. Question: Why are some PPP borrowers receiving a Loan Necessity Questionnaire (SBA Form 3509 or 3510)? Answer: As previously announced, SBA is reviewing all loans of $2 million or more, and other loans as […]
  • U.S. Treasury Introduces Loan Forgiveness Form 3508S
    At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On October 8, 2020, the U.S. Treasury released an interim final rule regarding PPP loan forgiveness as well as the new PPP Loan Forgiveness Application Form 3508S.   Recipients of PPP loans of $50,000 or less can utilize Form 3508S, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.   For example, if a PPP borrower received a $40,000 PPP loan for Company A and […]
  • CARES Act – Phase 3 of HHS Provider Relief Fund
    Key Provisions The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is providing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments can apply for additional funding that considers financial losses and changes in operating expenses caused by the coronavirus. Providers can begin applying for funds on Monday, October 5, 2020. For eligible providers, the new Phase 3 General Distribution is designed to balance an equitable payment of 2 percent of […]
  • U.S. Treasury Releases New Loan Forgiveness Guidance
    At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On Tuesday, August 4, 2020, the U.S. Treasury released Paycheck Protection Program Frequently Asked Questions (“FAQs”) on PPP Loan Forgiveness.   The FAQs included twenty-three questions and answers related to: (i) General Loan Forgiveness; (ii) Loan Forgiveness Payroll Costs; (iii) Loan Forgiveness Nonpayroll Costs; and (iv) Loan Forgiveness Reductions.  Certain provisions and clarifications included in the FAQs are:   Payroll costs incurred before the Covered Period, but paid during the Covered Period […]
  • U.S. Treasury Releases Updated Guidance and Revised PPP Loan Forgiveness Applications
    At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the U.S. Treasury. Yesterday, the U.S. Treasury released additional guidance related to the Paycheck Protection Program Flexibility Act (“PPPFA”) as well as new loan forgiveness applications, which are Form 3508EZ and Form 3508. This information provides insight into the changes associated with the PPP loans and loan forgiveness protocols, and include the following certain key provisions: For PPP loan borrowers utilizing the 24 week (168 day) Covered Period: Employee (non-owner) compensation allowable for PPP forgiveness will […]
  • SBA Reopens Application Process for Economic Injury Disaster Loan
    At Gettry Marcus CPA, P.C. we continue to stay apprised as to the lending programs available to business owners to help finance operations during the COVID-19 pandemic. On June 15, 2020, the SBA announced that the Economic Injury Disaster Loan program (“EIDL”) was once again accepting applications from potential borrowers. The SBA has indicated that all U.S. states and territories are now eligible to participate in the EIDL program. Salient provisions of the EIDL program are as follows: Current borrowing limit is $150,000 Fixed interest rates of 3.75% for small businesses, 2.75% for non-profit businesses Term lengths ranging from 10 to 30 […]
  • Updated Main Street Lending Program
    At Gettry Marcus CPA, P.C. we continue to stay apprised as to the lending programs available to business owners to help finance operations during the COVID-19 pandemic.  On June 15, 2020, the Main Street Lending Program was opened up for lender registration, thus, banks can sign up to participate in this lending program with the anticipation of the program providing loans to borrowers in the near future. The Main Street Lending Program includes the Main Street New Loan Facility (“MSNLF”), the Main Street Priority Loan Facility (“MSPLF”), and the Main Street Expanded Loan Facility (“MSELF”) (collectively “the Programs”).  Businesses that […]
  • Paycheck Protection Program Flexibility Act
    Revisions to the Paycheck Protection Program Have Been Enacted At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates.  Today, the President signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”), which changes certain provisions of the CARES Act, which governs the PPP loan program.  The changes include:   PPP loans originating on or after the date of the PPPFA shall have the term of the loan revised from a 2-year term to a minimum of a 5-year term, up to a 10-year term; PPP loans that […]
  • U.S. Treasury Releases Paycheck Protection Program Loan Forgiveness Application
    At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On Friday, May 15, 2020, the U.S. Treasury released the PPP Loan Forgiveness Application (“Application”). Please see the below link to review the Application:  https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf With the complexities of the U.S. Treasury’s Application and overall forgiveness protocols and procedures, the Gettry Marcus Financial Assistance Services Group is here to help. Please contact your Gettry Marcus advisor for assistance with PPP loan forgiveness or to discuss developments included in the Application such as the U.S. […]
  • SBA Extends PPP Loan Safe Harbor Return Date
    At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the US Treasury.  Yesterday evening, the US Treasury released Question #47 as part of their frequently asked questions (“FAQs”), which was directly related to the PPP loan safe harbor return date.   Below is an excerpt from the US Treasury’s FAQs*:   Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be […]
  • SBA Clarification on Required Good-Faith Certification
    At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the US Treasury.  Earlier today, the US Treasury released Question #46 as part of their frequently asked questions (“FAQs”), which was directly related to the borrower’s required good-faith certification.   Below is an excerpt from the US Treasury’s FAQs*:   Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes this […]
  • The Small Business Administration Will Resume Accepting PPP Loan Applications on Monday, April 27
    From the U.S. Small Business Administration*: Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): “We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic. We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is […]
  • CARES Act Provider Relief Fund
    Key Provisions and Eligibility Requirements On March 27, 2020, the Provider Relief Fund (the “Fund”) was created as part of the CARES Act, the Fund provides $100 billion in relief funds to hospitals and other healthcare providers that must be used to support healthcare-related expenses or lost revenue attributable to COVID-19, and to ensure uninsured Americans can get testing and treatment for COVID-19.  Payments received under this program, which are being administered by the Department of Health and Human Services (”HHS”), are not loans and, therefore, do not have to be repaid.  The Fund is being distributed in two separate tranches […]
  • WEBINAR: Loan Forgiveness Under the CARES Act Paycheck Protection Program
    Gettry Marcus CPA, P.C. presented: Loan Forgiveness Under the CARES Act Paycheck Protection Program: Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness Now that many small businesses have received or are waiting for funding of their Paycheck Protection Program (“PPP”) loans, focus should now turn to the Loan Forgiveness phase of the PPP Loan program. While applying for loan forgiveness does not start until after June 30, 2020, what you do during the 8-week “Covered Period”, which begins on the date of loan origination, can impact the amount of loan forgiveness received. For this […]
  • Summary of Government Loans Available as a Result of the COVID-19 Health Crisis
    While many of you have become well-versed in the CARES Act’s Payroll Protection Program (PPP) loan application process and are giving thought to addressing the PPP Loan Forgiveness Calculations, we thought that now would be a good time to consider and understand what other loans are available from the Federal Government as a result of the COVID-19 health crisis.  As always, the Gettry Marcus Financial Assistance Services Group is here to help. SBA Economic Injury Disaster Loans (EIDL) Maximum borrowing under this program is $2m with loan proceeds used to pay fixed debts, payroll, accounts payable, and other bills that […]
  • The Main Street Lending Program
    Key Provisions and Eligibility Requirements On April 9, 2020, in response to the current health pandemic, the U.S. Treasury established the Main Street Lending Program (the “Program”), a $600 billion government-backed program that is being administered by the US Treasury under the Federal Reserve Act.  The loans available under the Program are intended for larger businesses that generally do not meet the eligibility requirements of SBA Economic Injury Disaster Loans (“EIDL”) or the CARES Act Payroll Protection Program (“PPP”) loans.  For this reason, loan sizes in this Program will be significantly greater than EIDL or PPP loans.  It should also be noted that […]
  • Loan Forgiveness Under the CARES Act Paycheck Protection Program
    Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness It is hard to believe that the CARES Act’s Paycheck Protection Program (“PPP”), and specifically PPP loans for small businesses, became law just two weeks ago. In that short time, small businesses across the country, as well as SBA lenders and financial advisors, have been busy trying to interpret PPP loan guidelines and started applying for the loans. Now that many small businesses have applied and will soon find out if their loans were approved, they need to start preparing for the next phase in […]
  • CARES Act’s Payroll Protection Program (“PPP”) Loans
    Summary of PPP Loan Provisions Gettry Marcus Crisis Advisory Task Force (“Task Force”) has been advising our clients on the financial resources available through government-backed stimulus packages and disaster loan programs. Our Task Force is also providing tax and other business-related guidance, as well as assisting clients with budgeting and cash flow management, during the heath pandemic. As most of you are aware, the CARES Act (the “Act”), the third and largest stimulus package, has been signed by the president. In an effort to provide a general understanding of the Act’s PPP loan provisions and how they can potentially benefit […]
  • SBA Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
    The U.S. Small Business Administration (“SBA”) is offering low-interest federal disaster working capital loans to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Important Items to Note Before beginning the SBA loan application process, it is important to verify that you qualify as a “small business”. You can check whether your business is small by using the SBA Size Standards Tool. Size is measured by the number of employees or average annual receipts. While this program is available to any and all small businesses that are in need of credit, it is also important to recognize […]

Please contact your Gettry Marcus Advisor if you would like additional information.

Disclaimer: Nothing herein should be construed as being Gettry Marcus’ views as to whether this economic global crisis will be short-lived (a V recovery), take only a few calendar quarters to unwind (a U recovery), or create a longer-lived recession. Further, the above and all future communications from our task force provides information for you to consider as a menu of thoughts as no one strategy works for all.

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