Time to Apply for PPP Loan Forgiveness?

The 24-week period for many of the original Paycheck Protection Program (PPP) loans ended during the month of November. Those who elected for an 8-week program, or have exhausted their funds, may have begun the process of applying for forgiveness even though there is plenty of time left. Fortunately, the application process for loan forgiveness […]

PPP Loan Forgiveness Form

The SBA has issued a Loan Necessity Questionnaire for Paycheck Protection Plan borrowers with an original principal amount of $2 million or more. This form is to facilitate the collection of supplemental information that the SBA loan reviewers will use to evaluate the good-faith certification that borrowers made on the initial application for the loan […]

Department of Business Oversight’s New Name

The California Department of Business Oversight has officially changed its name to the Department of Financial Protection and Innovation (DFPI). The department name change became effective September 30, 2020. While the DFPI has yet to set a firm deadline for updates to loan documents, business cards, or websites, licensees should complete this legally required transition […]

Tax Relief for Victims of California and Iowa Disasters

The California wildfires and the Iowa derecho that occurred this summer have wreaked havoc on area residents. While federal disaster relief is available, the IRS recently released information on assistance it may offer. According to the IRS, victims of the latest California wildfires and the August 10th Iowa derecho now have until December 15, 2020 […]

Reminders for REITs on Prohibited Transactions

Reminders for REITs on Prohibited Transactions was originally published in AAPL’s Summer Edition 2020 Private Lender Magazine. The passage of the Tax Cuts and Jobs Act led to an increase in the number of private lending funds converting to mortgage REITs over the past two years. Fund managers made the conversion decision by carefully weighing […]