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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
Since the first U.S. case of the novel coronavirus (COVID-19) was reported in Washington State on January 21, 2020, more than 1.3 million Americans have contracted the virus. In addition
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.
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
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
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
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
The Treasury issued new guidance on May 5, 2020, regarding an employer’s ability to qualify as for the Employee Retention Credit (ERC) in the event that an employer/borrower of a
On May 5, 2020, the SBA issued yet another new addition to its PPP FAQs, the latest in a “dribble out” of guidance that, slowly but surely, is leaning toward
The SBA issued additional guidance related to the Paycheck Protection Program (PPP) loan forgiveness reduction calculations, adding three new questions and answers (#40-42) to its PPP FAQs. Laid-Off Employees The
The CARES Act created the Paycheck Protection Program (PPP) to provide loans to assist businesses and not-for-profit (NFP) organizations through the current crisis. However, many NFPs were concerned that if
On April 30, 2020, the IRS issued Notice 2020-32, to explain that a Paycheck Protection Program (PPP) loan recipient cannot deduct expenses that are normally deductible under the Internal Revenue
