Our original plan was to implement a partial return on July 6th. After discussing amongst our staff and weighing the consequences, we have decided to hold off until at least September.
The government continues to address the concerns of small businesses who have borrowed money through the SBA-backed Paycheck Protection Program (PPP).
New guidance released over the holiday weekend offered more clarity about the conditions for loan forgiveness, while the U.S. House of Representatives yesterday passed a bill to provide more flexibility for borrowers.
This week the SBA eased PPP loan concerns through much-needed guidance. The SBA stated it would trust borrowers of less than $2 million if they stated that they needed the funding as a result of the “current economic uncertainty.”
All ACI clients who applied for a PPP loan were below the $2 million threshold, so this should mitigate the immediate concern about the potential for an SBA audit on the horizon.
The SBA-backed Paycheck Protection Program (PPP) reopened on April 27, 2020 with $320 billion in additional funding.
More than 75% of ACI’s clients who have applied under PPP have obtained official SBA loan numbers this past week.
The window is now open for businesses to apply for SBA-backed Paycheck Protection Program loans under the $2.2 trillion CARES Act.
ACI is sharing relevant sections of FINRA’s guidance regarding the net capital treatment of covered loans.
Effective March 20, 2020, FINRA released FAQs related to the COVID-19 pandemic and the impact the virus will have on small FINRA member firms meeting various FOCUS Report and annual audit requirements over the coming months.