CARES Act Communications

The BeanLab Team continues to monitor updates and potential items of impact when it comes to the CARES Act and our government’s assistance for business owners. Because we value your trust in relying upon us to keep you updated with important information, we want to provide you with the following:  Congress is currently negotiating a new round of CARES Act relief funding and guidance on [...]

Last week, the SBA released a new PPP Loan Forgiveness Application, Form 3508EZ and also revised the original Form 3508 long form. These forms are simpler to complete and will benefit many small businesses with the reduction of calculations and broad certification of adhering to the program guidelines. New Form 3508EZ Businesses that meet ANY of the following may be able to use the new [...]

The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law last Friday afternoon. This act changes several aspects of the original PPP loan and its forgiveness aspect: The amount of loan required to be used for payroll has changed from 75% to 60%, thus increasing other eligible expenses rate up to 40%. The covered period will be extended from 8 weeks to [...]

The SBA has released Form 3508 - Paycheck Protection Program Loan Forgiveness Application. This form and its supporting Schedule A is what is required to submit to your lender to apply for forgiveness of loan proceeds issued from the PPP.  You can access the application and its instructions using this link PPP Loan Forgiveness Application/Instructions. BeanLab Assistance If you have already engaged with BeanLab for [...]

Hello, The following reflects recent information shared by the U.S. Treasury and SBA pertaining to both the PPP Loans and the EIDL Loans: PPP Loans The PPP Loan program reached its limit of $349 billion yesterday and the SBA is no longer accepting new applications for the PPP Loan program until additional funding is approved by Congress. If you applied for the PPP Loan before [...]

Good afternoon, We have been receiving many inquiries regarding the Economic Impact Payment.  The following details are intended to provide current pertinent information, as of this morning. The  IRS website remains the best resource for frequently asked questions.  If your specific concern is not addressed here by the FAQs, let us know!  We’ll continue to do our very best to provide clarity. Please email us [...]

It is extremely likely that the government will be announcing an update to the PPP Loan amount calculation to include GROSS wages and SS/MC in the Payroll Cost calculation. This is not how the program was initially rolled out last week as all federal withholding and SS/MC expenses were omitted from the loan calculation. This update will likely increase the loan amount for which you [...]

There is a lot of interest surrounding the COVID-19 CARES Act Economic Impact Payments and we want to provide you with clear, reliable information about them. We recommend the Tax Foundation for reviewing in detail some of the most frequently asked questions (FAQs), such as:     How much of a rebate will I receive?     How do I get my rebate?     Which dependents qualify for a rebate? [...]

Hello, In response to the COVID-19 Economic Impact Payments, BeanLab is setting aside tax season resources to help our clients discern the best option for them during this difficult time.  Our team has been dedicated to keeping up on the details as they evolve and we’re ready to support you!  Please refer to the email "BeanLab Update for Business Clients 3.30.2020" regarding loan options, PPP [...]