Senate Proposal Includes Second Round of PPP Loans, Eligibility Changes
The Paycheck Protection Program (PPP), unveiled this spring by the Treasury and Small Business Administration (SBA) as a result of the CARES Act, came as major relief to businesses and business owners reeling from the effects of the COVID-19 virus, and assisted them in keeping their workforce employed. However, several
PPP Loans: Can I Deduct my Eligible Expenses?
The year 2020 will never be forgotten, not in the least due to the significant challenges – both professional and personal – brought on by COVID-19. In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act granted small U.S. businesses the ability to apply for forgivable Paycheck Protection Program
IRS Issues PPP Loan Forgiveness Guidance
As the end of 2020 looms large and year-end tax planning is in full swing, businesses and organizations in virtually every industry have been struggling with unanswered questions about PPP loans – loan forgiveness, deductibility of related expenses, timing of loan forgiveness applications, and the impact on taxable income for
Brian Beaulieu’s Economic Forecast: Recovery and Growth
CEO and chief economist of the Institute for Trend Research (ITR) Economics, Brian Beaulieu took the place of his twin brother, Alan Beaulieu, this year to make his first appearance at the 21st Annual Manufacturing Webinar, cosponsored by Barnes Dennig and Huntington Bank. Due to the COVID-19 pandemic,
PPP Loan Statement of Need – Loans Over $2 Million
The Small Business Administration (SBA) has begun sending Paycheck Protection Program (PPP) Loan Statement of Need Questionnaires to review the good-faith certification of economic need that borrowers made on PPP loan applications over $2 million. Form 3509 is for for-profit businesses, while Form 3510 applies to non-profit entities. The PPP