Management accounting

The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.

The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.

The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.

Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.

Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.

New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.

The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.