Coronavirus or COVID-19 has infected businesses across all industries and sizes in a short period of time in a way that has most of us in shock and disbelief relative to the momentum many saw coming into 2020. As we navigate these unique and challenging times together, our goal is to continue to provide expertise where we can, lean on other experts for their knowledge and continue to share that expertise in our effort to serve the role we value most, a trusted advisor.

PPP Loan Forgiveness Calculator

The AICPA has been standing up a PPP Loan Forgiveness Calculator since April. The tool has evolved as guidance has been issued and they have now developed a more comprehensive tool that can assist businesses with preparing their PPP Loan Applications later this year.

The tool will likely be updated as more guidance from Treasury is published and if Congress makes more changes to the law. While we cannot certify that the tool is perfect, and we might challenge a position or two they are taking on expense inclusions, we do believe it might be helpful for borrowers as they aggregate data and prepare their applications.

Use the Calculator →

Helpful Links

Updated on 9/9/2021 at 5:00 pm ET

We continue to keep an eye on other resources — both federal and state — that might be helpful to organizations looking for additional direction and help navigating the ever-changing landscape.

• [NEW 9/9/2021] Maryland Comptroller Urges Marylanders to Apply for Tax Credit
  • Applications for the Student Loan Debt Relief Tax Credit for tax year 2021 must be submitted by September 15, 2021.
• [7/2/2021] Maryland Comptroller Extends Filing, Payment Deadlines for Pass-Through Entities
  • The filing deadline for 2020 income tax returns from Pass-Through Entities (PTEs) was extended to Sept. 15, 2021.
  • Form 511 was created for electing PTEs.
• [3/31/2021] Paycheck Protection Program Extended until May 31, 2021
  • The PPP Extension Act of 2021 extends the program an additional two months to May 31, 2021, and then provides an additional 30-day period for the SBA to process pending applications.
• [3/22/2021]Paycheck Protection Program Borrower Application Form Revised March 18, 2021
  • Certain nonprofits are now eligible to apply for a PPP loan, based on the American Rescue Plan Act.
• [3/16/2021] SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022
  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
  • Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, will also have an automatic deferment of principal and interest payments until March 31, 2022.
• [3/11/2021] Maryland Comptroller Franchot Extends State Income Tax Filing Deadline to July 15
  • The state income tax filing deadline is being extended by 3 months until July 15, 2021.
  • No interest or penalties will be assessed if returns are filed and taxes owed are paid by the new deadline.
• [1/20/2021] BGE Energizing Small Business Grants
  • BGE is pledging $15 million to assist Maryland’s small businesses with COVID-19 relief. Eligible businesses located in BGE’s service area can apply for a $20,000 grant in one of three rounds.
    • Round 1:  January 20, 2021 – March 3, 2021
    • Round 2: May 5, 2021 – June 16, 2021
    • Round 3: September 1, 2021 – October 13, 2021
• [1/11/2021] Updated PPP Borrower Application Forms
  • The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form.
  • Form 2483 is updated from previous iterations that started with the original PPP program.
  • Form 2483-SD is a new form for qualified PPP borrowers to seek a second draw of  a forgivable loan as they try to navigate economic seas churning in the throes of the COVID-19 pandemic.
• Maryland Comptroller Franchot Announces Forbearance for Business Tax Returns and Payments
• SBA’s New Loan Necessity Questionnaires: SBA Form 3509 (For-Profit Borrowers) and SBA Form 3510 (Non-Profit Borrowers)
• [October 23] Governor Hogan Announces $250 Million ‘Maryland Strong: Economic Recovery Initiative’
• [October 9] Updated Interim Final Rule to Include Reductions to Loan Forgiveness Amount for PPP Borrower $50,000 or Less
  • Key Change: “Reductions to Loan Forgiveness Amount A borrower of a PPP loan of $50,000 or less, other than any borrower that together with its affiliates received loans totaling $2 million or greater, may use SBA Form 3508S (or lender’s equivalent form) to apply for loan forgiveness. A borrower that uses SBA Form 3508S (or lender’s equivalent form) is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees (section 1106(d)(2) of the CARES Act) or reductions in employee salary or wages (section 1106(d)(3) of the CARES Act) that would otherwise apply. As such, Part III.5 of the First Loan Forgiveness Rule, as revised by Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, does not apply to borrowers of loans of $50,000 or less that use SBA Form 3508S (or lender’s equivalent form) to apply for loan forgiveness.”
• [October 9] SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less | Download the Simpler Application
• [August 28] Guidance issued to implement Presidential Memorandum deferring certain employee Social Security tax withholding
• [Now Available] Baltimore County Small Business Reimbursement Grant Program: This is a $3 million fund established to help Baltimore County’s small businesses harmed by the COVID-19 pandemic. The Department of Economic and Workforce Development (DEWD) will administer the Small Business COVID-19 Reimbursement Grant Program, which will award grants of up to $10,000 each to approximately 300 Baltimore County-based small businesses.
• [New July 10] Governor Hogan is Allocating $50 million to the Maryland Nonprofit Recovery Initiative (NORI) — This will assist nonprofit organizations whose critical operations have been financially impacted by COVID-19 and state-of-emergency.
• [Updated May 29] AICPA’s PPP Loan Forgiveness Calculator — This calculator uses available guidance from the SBA and Treasury and along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP loan that may be eligible for forgiveness.
• [Updated May 13] U.S. Senate Committee’s Paycheck Protection Program FAQs for Small Businesses
• [New April 30] IRS Notice 2020-32: Guidance on Expense Deductability with PPP Loan Forgiveness
• [Updated April 14] SBA’s New Interim Final Rule for Self-Employed and General Partners
• NEW: U.S. Chamber of Commerce Economic Injury Disaster Loan (EIDL) Guide
• NEW: U.S. Chamber of Commerce Employee Retention Tax Credit (ERTC) Guide
• U.S. Treasury’s Interim Final Rule on Affiliation
• U.S. Treasury’s Applicable Affiliation Rules
• Maryland’s COVID-19 Business Response
• U.S. Small Business Administration’s FAQs on Disaster Assistance for Small Businesses
• AICPA’s State Tax Filing Guidance Relief Chart
• IRS Filing and Payments Guidelines FAQs
• Department of Labor’s Coronavirus Resources (Workplace Safety, Wages, Hours, & Leave, Unemployment Insurance, et al.)
• Small Business Owner’s Guide to the CARES Act
• U.S. Chamber of Commerce’s Coronavirus Emergency Loans | Small Business Guide & Checklist
• SBA 7(a) Borrower Information Form
• IRS Economic Impact Payment Information Center
• Main Street Business Lending Program: New Loan Facility Term Sheet
• IRS Economic Impact Payments Non-Filers Tool
• (Added May 18) Harford County Small Business Relief Grant Program | Applications Open May 26