Oct 15, 2020, 2:06 PM
(from the Journal of Accountancy) The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. The SBA explains that borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from the loan’s origination, depending on the borrower’s agreement. But the SBA also reminds borrowers that loan payments are deferred only until 10 months after the last day of each borrower’s loan forgiveness covered period.
More from the Journal of Accountancy
(from Tech Radar) Researchers at security firm Proofpoint have observed a new targeted campaign that attempts to infect their computers with ransomware. The attacker poses as a parent or guardian submitting an online assignment on behalf of a student claiming that the student encountered technical issues when trying to submit the assignment themselves. However, instead of attaching an assignment to their emails, the attacker has attached a malicious document that downloads a custom ransomware payload. The attacker responsible likely pulled their email addresses from public pages of a school website.
(from the Cato Institute) Only about 1% of private schools have closed since the COVID-19 pandemic took hold, according to data from Cato Institute. This is smaller than some experts predicted. A survey by the organization found 57% of private schools saw enrollment reductions between the previous school year and early‐ to mid‐September of this year, with 24% seeing an increase and 19% no change. On average, responding schools lost 14 students, or about a 6% enrollment reduction.
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