What You Need to Know About PPP Loan Forgiveness
The Small Business Administration (SBA) has released the application to obtain forgiveness of PPP loans, and in doing so has provided answers to many of the questions that our team and so many loan recipients have had, as we try to forecast the forgiveness and make business decisions. The full
FAQ #46: How SBA reviews good-faith need for PPP Loan
How will SBA review good-faith certification of need for PPP Loan? Today, the SBA published more guidance on safe harbors for loan certification for borrowers who received PPP loans less than $2 million, and guidance on certifications for PPP loan borrowers in excess of $2 million. Further guidance is needed
IRS Update on PPP Loan Forgiveness and Employee Retention Credit
PPP Loan forgiveness guidance promised before May 14, 2020 IRS FAQ #79 clarifies the US Treasury May 6, 2020 FAQ, providing that employers that decide to repay their PPP loan by the May 14, 2020 deadline may claim the employee retention credit after repaying the PPP loan. Employee Retention
Expenses Paid with Forgiven Paycheck Protection Program Loans are Not Deductible – For Now
According to new guidance issued by the IRS, (Notice 2020-32) expenses paid for with debt that is forgiven will not be tax-deductible. That means that if you received a Paycheck Protection Program (PPP) loan and spent the money on qualifying expenses, and the entire amount of the PPP
Paycheck Protection Program and Health Care Enhancement Act Passes
On Thursday, April 23, 2020, the U.S. House of Representatives passed H.R.266 – Paycheck Protection Program and Health Care Enhancement Act and it has been signed by the President. The bill is designed to provide additional funding for small business loans, health care providers, and COVID-19 testing, as authorized by
PPP Loans: Additional Funding and Next Steps for Businesses
On Tuesday, April 21, 2020, the U.S. Senate approved a $484 billion coronavirus relief package to appropriate funds for the Paycheck Protection Program and increase authorization for Emergency Economic Injury Disaster Loan (EIDL) grants, in addition to providing funds for hospitals and coronavirus testing. The U.S. House is expected to