Focus Management Group: November Month in Review
Each month we will be posting an overview article that covers our recent company articles, announcements, and insights. Below is for the month of November.
PPP Loan Forgiveness Update
On October 26, 2020 the Federal Register published a document from the SBA referencing the PPP loan forgiveness process and started a 30-day comment period. Of interest in this published document is reference to “SBA Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers)” and “SBA Form 3510 – Loan Necessity Questionnaire (Non-Profit Borrowers)”.
Read the full article below for the downloadable 3509 form applicable to For Profit Borrowers and additional insight on what this update means.
Accounting for the PPP Loan and PPP Loan Forgiveness
It's important to understand the variety of accounting approaches that may be used for reporting of PPP Loans and PPP Loan Forgiveness.
It is imperative that lenders and borrowers understand how the accountant prepared audited financial statements report the PPP loan, expenses paid with the funds, and the potential forgiveness of all or part of the loan balance.
Read more below!
FMG Webinars from 2020
2020 has been a unique year for all of us, and we are all adapting to our “new normal”. During 2020 Focus Management Group provided webinars on important topics as the Covid-19 pandemic and the various government programs in response to the pandemic were implemented. Our goal with these webinars has been to provide real time information that is practical and immediately useful.
See below for an overview of our webinars, as well as a replay link for you to use at your convenience.