Additional IFR Released – Paycheck Protection Program

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The Treasury Department released an additional IFR to support the CARES Act and specifically the Paycheck Protection Program. This IFR addresses questions regarding disbursement of the approved loans. It clarifies many common questions and is plugging loopholes that small businesses and banks were planning to use to maximize funds eligible for relief. The IFR indicates that lenders must disburse all of the funds within 10 calendar days of the SBA approval. The 8-week period will start on the day of disbursement. If the loan documents are not signed and finalized with the bank within 20 days of SBA approval, the loan will be canceled. Lenders will be required to send Form 1502 to the SBA electronically within 20 calendar days of SBA approval reporting the disbursement of funds.

View the IFR here.

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Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News. Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often). When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her young son. Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.