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PPP Loan Update

PPP Loan Update

Posted on July 10th, 2020

On June 16th, the Small Business Administration issued a revised PPP loan forgiveness application along with a new simplified “EZ” version that can be used in certain circumstances.  Both forgiveness applications are designed for an 8-week to 24-week ”covered period”.  Businesses and individuals with PPP loans can choose which covered period works best for them.  Our firm can help you figure out a strategy for optimizing the use of your PPP loan proceeds and for preparing the loan forgiveness application. The loan forgiveness application Form 3508 or Form 3508EZ can be submitted as early as the date on which you have exhausted the loan amount.  We urge you to speak with your contact at our firm if you need help with properly utilizing your PPP loan funds or completing your forgiveness application.  

Important PPP loan issue:  Have you switched payroll services recently???

One very important consideration in getting ready to submit your PPP loan forgiveness application is the availability of your company’s payroll records. You may need to submit to the bank certain payroll records from both 2019 and 2020 with your forgiveness application.  If you have switched payroll services, are your 2019 payroll records available from your prior payroll service?  Will those records be available when you go to submit your forgiveness application?  If you have a PPP loan and you have switched payroll services recently, please call us to discuss the possible impact on your forgiveness application.

Dear Clients, Business Associates and Friends,

As the coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your financial well-being as well as your business and employees. Or you may be wondering about how recently passed legislation impacts you and your enterprise.

BHCB is still at work, continuing to service the needs of our clients.

Whether you have tax or financial planning questions or need advice on ways to navigate the expanded benefits, we are here for you. If you have any questions or concerns, please do not hesitate to contact us at our respective offices. New Haven – 203-787-6527, Fairfield – 203-333-2228.

During this unpredictable and challenging time, it’s more important than ever to stay connected. We are in this together and our thoughts go out to all who have been impacted by this unprecedented situation.

Rest assured; we are here to help with your questions.

We have also assembled a list of resources to help individuals and businesses through this period.