Webinar: The New Relief Package, PPP Loans, and More!
Panelists: We will be joined by panelists from RBT and the Small Business Development Center, discussing topics including:
- Eligibility for increased funding
- Expanded forgiveness guidance
- New debt relief information
- Important tax advantages
There will be an opportunity for questions and answers, and the presentation will be recorded for viewing on demand.
Host: Dutchess County Regional Chamber of Commerce
Date: January 15, 2021, at 9AM
SBA Re-Opening PPP to Small Lenders on
Friday, Jan. 15 and All Lenders on Tuesday, Jan. 19
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. EST. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.
New York reportedly won't tax forgivable PPP loans
According to Newsday, New York State won’t tax businesses on the forgivable loans they secured to survive the coronavirus pandemic, a spokesman with the state Department of Taxation and Finance said.
Accountants had been concerned the state would treat as income Paycheck Protection Program loans forgiven last year after borrowers complied with PPP regulations — namely they didn’t lay off employees or brought back furloughed employees.
The federally guaranteed loans were up to $10 million per borrower during the program’s first phase, between April 3 and Aug. 8.
The state Department of Taxation and Finance decided recently to adopt the federal rule against taxing the forgiven portion of PPP loans. Adoption was required because New York "decoupled" from federal tax regulations in March, meaning it no longer automatically follows Washington’s tax policy.
"We’re going to conform to federal guidelines … whoever received the [PPP] loans, it’s not considered taxable income," said department spokesman James Gazzale. "Additionally, expenses associated with PPP loans are deductible" on state tax returns.
