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…

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…

New COVID-19 law makes favorable changes to “qualified improvement property”

New COVID-19 law makes favorable changes to “qualified improvement property” The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred…

The new COVID-19 law provides businesses with more relief

The new COVID-19 law provides businesses with more relief On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid,…