COVID-19 Archives

PPP Loan application deadline extended to May 31, 2021

President Biden on Tuesday signed an extension for the popular Paycheck Protection Program (PPP), which was created last year to help small businesses weather the

March 31, 2021 No Comments

PPP loan borrowers can use gross income, SBA rules

The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss

March 4, 2021 No Comments

PPP Payroll Protection Loan First Draw Reopened

Source: https://home.treasury.gov/system/files/136/Top-line-Overview-of-First-Draw-PPP.pdfSource: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANSSBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11,

January 13, 2021 No Comments

PPP2 Payroll Protection Second Draw Overview

Source: https://home.treasury.gov/system/files/136/Top-line-Overview-of-Second-Draw-PPP.pdfSource: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businessesSource: https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANSThe Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan

January 13, 2021 No Comments

New PPP guidance issued by SBA, Treasury – Payroll Protection Program round 2

The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance came in the

January 7, 2021 No Comments

Possible PPP expenses deductibility, PPP round 2, and more qualifying for Employee Retention Credits

Congress has passed the Stimulus Bills and is waiting for President Trump to sign it into law. We’re hearing that this contains these provisions for

December 23, 2020 No Comments

Some States May Tax Forgiven PPP Loan Proceeds

Source: https://advocacy.sba.gov/2020/11/03/some-states-may-tax-forgiven-ppp-loan-proceeds/?fbclid=IwAR1UeYyOmOjvXLEbfbIbuzT21u35Ep4kTkI_f7lQk-Ss9tAGzXpVFpuqzEo By Charles Jeane, Assistant Chief Counsel ‘Tis better to have a loan and be taxed than to never have had the loan at

December 2, 2020 No Comments

SBA PPP Loan forgiveness got easier for loans of $50,000 or less

On 10/07/2020, the US Treasury and Small Business Administration (SBA) released an even simpler PPP (Payroll Protection Program) Loan Forgiveness Application Form 3508S that can

October 13, 2020 No Comments

IR FAQ – Deferral of employment tax deposits and payments through December 31, 2020

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of Social Security

August 15, 2020 No Comments

PPP Update – Treasury announces relief from 60% cliff and 5 year repayment term

“Four score and 7 modifications to the PPP rules ago…” Today, U.S. Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza released

June 9, 2020 No Comments

US Treasury resources for SBA Payroll Protection Program (PPP)

The US Treasury website has a Tools page dedicated to the Payroll Protection Program, where you can find information and resources about the program here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

May 16, 2020 No Comments

SBA PPP Loan Forgiveness Application

Link to the SBA PPP Loan Forgiveness Application can be found here:https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf The US Treasury website has a Tools page dedicated to the Payroll Protection