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Additional PPP Guidance Released May 22, 2020

SBA released new Paycheck Protection Program (PPP) guidance on Friday, May 22nd. The new interim final rules build upon the PPP forgiveness application that was released a week earlier. This summary is in addition to the summary that we prepared…

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both:…

SBA released PPP loan forgiveness application

SBA released PPP loan forgiveness application On Friday, May 15th, SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. According to SBA's press release, they will also "soon issue regulations and guidance to…

SBA allows for an increase to existing PPP loans to partnerships

SBA allows for an increase to existing PPP loans to partnerships On May 13th, the SBA issued a new interim final rule allowing partnerships to increase existing PPP loans. The new rule applies to partnerships that completed their PPP applications…

Hardship certification for PPP loans < $2,000,000

Hardship certification for PPP loans under $2,000,000 The PPP loan application requires all applicants to make a hardship certification. The wording of the certification is vague: "Current economic uncertainty makes this loan request necessary to support the ongoing operations of…

Grants and loans available to St. Louis area small businesses

Grants and loans available to St. Louis area small businesses Additional financial relief opportunities for St. Louis area small businesses: Small Business Relief Program The St. Louis County SBR Program will provide financial relief to small businesses that were closed…

Frequently asked tax questions related to COVID-19

Frequently asked tax questions related to COVID-19 The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct…

The CARES Act liberalizes net operating losses

The CARES Act liberalizes net operating losses The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses…

Now may be the time to forgive intrafamily loans

Now may be the time to forgive intrafamily loans If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear…