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The bipartisan House-approved Paycheck Protection Program Flexibility Act (H.R. 7010) was passed on June 3, 2020, after Senate Majority Leader Mitch McConnell, (R-KY), pushed his colleagues to support the measure passed by the House of Representatives, overcoming the objections of certain Senators who were still placing holds on the bill as late as Wednesday afternoon. […]
The House of Representatives overwhelmingly approved the Paycheck Protection Program Flexibility Act (H.R. 7010) on May 28, 2020. The bill passed with 417 members voting yes and just one dissenting vote. The Act works to amend the hugely popular Paycheck Protection Program (PPP), which was created under the CARES Act, making many of the changes […]
A week after releasing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Instructions and Application on May 15, 2020, the U.S. Treasury and Small Business Administration (SBA) followed up with additional guidance in the form of two new interim final rules on May 22, 2020. This new information addresses many common questions, but does not […]
Even as borrowers of the Paycheck Protection Program (PPP) loans begin the process of applying for loan forgiveness, and though they still await final regulations and guidance, members of the House of Representatives have introduced legislation to modify the program as originally enacted on March 27, 2020. The full House is expected to vote next […]
The Small Business Administration (SBA), in consultation with the U.S. Department of Treasury released their Paycheck Protection Program (PPP) loan forgiveness application on Friday, May 15, 2020. Included with the application are detailed instructions for completion of the form, which add clarification to many questions borrowers have been asking with respect to the forgiveness aspects […]
With pressure mounting and a looming potential deadline for borrower amnesty for Paycheck Protection Program (PPP) loans inappropriately taken, the Small Business Administration (SBA) has provided good news for borrowers. The SBA released additional guidance (in the form of a new PPP FAQ) on May 13, 2020, to address the “good faith certification” regarding the […]
Though not noted in its recent news release announcing that the application portal would reopen for certain agricultural businesses now eligible for the SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs, it has been widely reported that the program has been crushed by applications. The SBA stopped accepting new applications on April 15, […]
The Coronavirus Aid, Relief and Economic Security (CARES) Act as well as the Families First Coronavirus Response Act (FFCRA), both enacted in March, 2020, provide employers with substantial incentives that are realized through payroll tax reductions. To properly determine the economic value of these incentives, it is necessary to modify historical payroll deposit procedures. Ultimately, […]
IRS Notice 2020-32, released last week, clarified that expenses paid with proceeds from a Paycheck Protection Program (PPP) loan will NOT be deductible in the determination of an employer’s/borrower’s taxable income for 2020. (see related post) This decision has raised the ire of many Congressional leaders who argue that the loss of these deductions was […]
The Internal Revenue Service confirmed on May 6, 2020, that deceased taxpayers are not eligible for the coronavirus stimulus payment checks (economic impact payments) issued under the CARES Act. The confirmation was presented in the addition of two questions (#10 and #41) in the Internal Revenue Service’s Economic Impact Payment Information Center. This determination is […]
