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Category: Paycheck Protection Program

January 11, 2021

How Can Your Business Benefit from the Consolidated Appropriations Act?

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line. Paycheck Protection Program The CAA includes another $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and so… Read more ›

December 22, 2020

Congress Passes COVID-19 Aid Package Containing Billions in Funding and Tax Breaks

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and now goes to President Trump to sign the bill into law. As of this writing on December 22, the President has expressed concerns about some aspects of the relief bill. Included in the nearly 5,600-page Consolidated Appropriations Act… Read more ›

December 6, 2020

Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses

PDF: Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses Please click the link above for a printable, PDF copy of the letter below.  We can all agree that 2020 is unlike any other year. As we consider tax-planning strategies for the year end, major uncertainty continues concerning the severity of the pandemic and length of the economic recovery. Although Congress passed two major pieces of legislation in response to the health… Read more ›

December 6, 2020

Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals

PDF: Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals Please click the link above for a printable, PDF copy of the letter below.  As the end of 2020 approaches, we can all agree that this year is unlike any other. The coronavirus pandemic and natural disasters have had a significant impact on the tax situation for many taxpayers. In response to the health and economic impacts of the coronavirus pandemic, Congress passed two major pieces… Read more ›

June 23, 2020

Small Business Administration to Publicly Release Names of PPP Loan Recipients

In response to increasing public pressure, the Small Business Administration announced on June 19 that it would release the names of Paycheck Protection Program (PPP) loan recipients awarded at least $150,000 in funds. No timeline for the disclosure has been announced, but the SBA said it would “disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, not-for-profit information, jobs supported, and loan amount ranges as follows:” $150,000-$350,000 $350,000-$1 million $1-2 million $2-5 million $5-10 million Participants… Read more ›

June 18, 2020

PPP Flexibility Act of 2020 Results in Additional Guidance, a Revised Loan Forgiveness Application and a New EZ Application for Qualifying Borrowers

Since passage of the Paycheck Protection Program Flexibility Act of 2020 on June 5, 2020, the Small Business Administration has continued to bring current and prospective borrowers up to speed through a series of interim rules for the program, as well as the release of a revised loan forgiveness application, a revised loan borrower application, and a new EZ form of the loan forgiveness application. Updated PPP Loan Forgiveness Application (and a new EZ Version) On June 17, the Small… Read more ›

June 5, 2020

PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department of Treasury and the Small Business Administration (SBA) on PPP loan forgiveness requirements. Among other areas, that guidance addresses the calculation of full-time employees and… Read more ›

May 16, 2020

New SBA Guidance Addresses Safe Harbor Deadline Extension, Audits of Businesses That Receive PPP Loans; Employer Requirements When Employees Refuse Recall to Work

Last week, the Small Business Administration clarified which businesses can expect to be audited once they certify in good faith that they received Paycheck Protection Program loans based on economic need. The SBA also delivered requirements for Maryland employers whose furloughed workers refuse to accept a recall to work. Read more below. Good Faith Certification and the Safe Harbor Deadline Extension The goal of the Paycheck Protection Program since it was established in late March under the CARES Act has… Read more ›

May 8, 2020

The IRS Clarifies the Deductibility of Paycheck Protection Program-Funded Expenses

The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer borrowers hoped for, but that may yet come. The root of the question The Coronavirus Aid, Relief and Economic Security (CARES) Act created the widely… Read more ›

May 7, 2020

SBA Extends the Paycheck Protection Program Repayment Deadline for Self-Certification

The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now May 14, 2020. Companies that repay their loans by that date preempt the possibility of criminal liability if they’re subsequently found ineligible for PPP loans. The loans are intended to help small businesses with fewer than 500 employees weather the novel coronavirus (COVID-19) pandemic, but some large… Read more ›