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Recognizing and Avoiding Scams

Blog January 25, 2021 by Idea Vault Blog

Coronavirus Scams The FTC has received a surge of reports of COVID-19 related scams. They advise being careful of anyone who claims to represent the CDC or WHO, says they have a vaccine, asks for donations, or says they have information about your stimulus check. For more information about reporte…

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SBA Issues New Final Interim Rules on January 6, 2021

Blog January 8, 2021 by Laurel Sykes

We expect additional rules to implement other provisions of the Economic Relief Act, including clarification for new expenses eligible for forgiveness and procedures for returning EIDL advances deducted from loans to borrowers who received forgiveness before December 27, 2020. Already, calculatio…

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SBA Accepting First and Second Draw PPP Loan Applications January 15, 2021 from Community Banks!

Blog January 13, 2021 by Laurel Sykes

FAQs and resources for PPP loan applications, and today we began sending out links to ARB clients to begin completing their First and Second Draw PPP loan applications. Please continue to check back for updates at our PPP Resource page. You can also check out our blog post on what’s changed with th…

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Finding Funds in an Emergency

Blog February 1, 2021 by Idea Vault Blog

Work With What You Have The first step is to restructure your current budget. While some expenses are difficult to change, such as mortgage or auto loan payments, there are plenty of areas that you can easily adjust to cut back spending and save money. This budget calculator can help you lay out sp…

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SBA Continues to Issue Guidance on Second Draw PPP Loans

Blog January 19, 2021 by Laurel Sykes

First Draw loans are capped at $10 million, or 2.5X average monthly payroll. Additional guidance was issued on calculating loan amounts and providing documentation to support average monthly payroll costs for First Draw loans. Second Draw loans are capped at $2 million, with some additional restric…

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SBA Issues a “Reminder” on Loan Review Procedures for PPP Loans

Blog January 25, 2021 by Laurel Sykes

According to the SBAs procedural notice, loan amounts may be deemed incorrect either because they do not properly exclude individual employee salary costs exceeding $100,000 or because the borrower included costs paid to independent contractors that did not constitute “payroll costs”. Independent…

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