Note that we are not able to provide private consultations, give advice, or answer questions. Here's how it works. It is unnecessary to obtain written consent of SBA for these types of distributions.. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. We will also describe how the first $10,000 of any EIDL loan is actually considered to be a grant that does not have to be repaid, except to the extent of amounts borrowed from the PPP program. As-extracted collateral as such terms may time to time be defined in the Uniform Commercial Code. Preparing for a Single Audit COVID-19 - EisnerAmper Loss of anticipated profits or a drop in sales is not considered substantial economic injury for this purpose. Need Assistance?Boyer & Ritter can help you navigate through compliance requirements of the loan forgiveness program, to help ensure maximum forgiveness is received, and provide a reliable and trusted source of information for your lender and the government. Opinions expressed by Forbes Contributors are their own. Small loans most likely won't be targeted for auditing as long as your business has followed all the rules and you document your PPP spending. Heres a quick breakdown of which stimulus programs are forgivable. You can accept the loan, request a reduced amount or do nothing and it will be considered denied. 275 0 obj <>stream Then can make a decision after pandemic stabilizes next year (or year after) on if it is worth the interest or to pay-off. The U.S. Small Business Administration (SBA) announced major modifications to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan cap from $500,000 to $2 million and adding business debt payments to the list of ways businesses can use the loan proceeds. It is a typical practice for many small businesses to take out dividends, but now it is illegal for those who have received EIDL loans. Post EIDL loan process-related questions or issues only. However, for those that received EIDL, PRF, or ESF funds under the CARES Act, the Single Audit may be required if the funding was in excess of the $750,000 threshold, or if the threshold is reached by aggregating the amounts received under the CARES Act together with other federal funds expended by the organization.
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