COVID-19 Relief bill - Consolidated Appropriations Act, 2021 On December 21, 2020, U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill, the Consolidated Appropriations Act , 2021. President Donald Trump signed the bill on December 27,…
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The possible tax consequences of PPP loans If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics…
Frequently Asked Questions on PPP Loan Forgiveness Small Business Administration released guidance to address borrower and lender questions concerning forgiveness of PPP loans. The FAQ are divided into four sections: general loan forgiveness, loan forgiveness payroll costs, loan forgiveness nonpayroll…
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On Wednesday, June 3, the U.S. Senate passed the Paycheck Protection Flexibility Act and President Donald Trump is expected to sign it. The following is a summary of the legislation’s main points compiled by the American Institute of Certified Public Accountants…
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…
(This information is from the Forgiveness Application that was released on May 15, 2020) Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application PPP Loan Forgiveness Calculation Form PPP Schedule A Payroll: Documentation verifying the eligible cash…
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:…
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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 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…
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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…
