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Category: Paycheck Protection Program

November 2, 2021

CBM to Sponsor and Present at 2021 GWSCPA Nonprofit Symposium (November 16 – 18)

Councilor, Buchanan & Mitchell (CBM) is scheduled to sponsor and present at the 2021 Greater Washington Society of CPA’s annual Nonprofit Symposium. The GWSCPA nonprofit symposium, to be held digitally from November 16-18, brings together representatives from the not-for-profit sector as well as members from the accounting profession who serve the industry for two and a half days of learning and connecting. Participation provides access to a community of resources that will extend far into the next year. CBM Partner… Read more ›

August 30, 2021

SBA Streamlines Forgiveness for Smaller Paycheck Protection Program Loans

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many borrowers are nearing a critical deadline regarding their applications for forgiveness. Forgiveness basics PPP loans generally are 100% forgivable if the borrower allocates at least… Read more ›

July 30, 2021

Paycheck Protection Program Forgiveness and Repayment: What Businesses Need to Know Now

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. In addition, some borrowers could face audits. Paycheck Protection Program Forgiveness basics PPP loans generally are… Read more ›

March 31, 2021

PPP Application Deadline Extended

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act. PPP basics The PPP was established in March 2020 by the CARES Act. The… Read more ›

March 5, 2021

New IRS Notice Further Clarifies Eligibility for the Employee Retention Credit

Last month, we wrote that passage of the Consolidated Appropriations Act in December clarified that some businesses seeking pandemic relief assistance would be eligible to apply for benefits under both the Paycheck Protection Program (PPP) and the employee retention credit (ERC). This marked a break from common sentiment since it was widely assumed throughout 2020 that businesses had to choose which program to participate in. As a result, the CAA also allowed businesses that did NOT claim the ERC in… Read more ›

February 26, 2021

Paycheck Protection Program Revisions Target Smallest Businesses

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans. The PPP in a nutshell The CARES Act, passed in the early days of the COVID-19… Read more ›

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 ›