Tag Archives | Paycheck Protection Program

Paycheck Protection Program 2021 Rules

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The Basics The CAA permits […]

Continue Reading

IRS Releases Additional Guidance on PPP Loan Forgiveness

The IRS has released new guidance on various aspects of PPP loan forgiveness. Below are summaries of the key provisions. Revenue Procedure 2020-51 provides a safe harbor for certain Paycheck Protection Program loan participants, whose loan forgiveness has been partially or fully denied, or who decide to forego requesting loan forgiveness, to claim a deduction […]

Continue Reading

PPP Loans of $2 Million or More Will be Audited

Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers whose loans meet this threshold amount might receive a Loan Necessity Questionnaire from their lender soon after they apply for loan forgiveness. Even though the […]

Continue Reading

Paycheck Protection Program Flexibility Act of 2020 (PPPFA) Summary

Businesses, employers, and SBA lenders have been waiting for further clarification and added relief regarding the SBA Paycheck Protection Program (PPP). The new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) provides some of the much needed guidance. Here is a summary of the bill. These provisions are retroactive to the CARES Act enactment (signed […]

Continue Reading

Expenses Paid with Forgiven PPP Loan Proceeds are NOT Tax Deductible

In Notice 2020-32, IRS recently provided guidance on the deductibility of expenses paid with proceeds from the Paycheck Protection Program loan for federal income tax purposes. The notice states that no deduction is allowed under the federal code for an expense that is otherwise deductible if the payment of the expense results in forgiveness of […]

Continue Reading

COVID-19 Webinar Series for Businesses and Employers

Federal and state agencies are continually updating COVID-19 resources and directives for businesses and employers. We know it can be difficult and confusing staying up on the constant changes. Here are some recently recorded webinars we co-hosted with Autopaychecks, Michael Santo, and Timberline Bank you may find helpful. CARES Act and Tax Relief Webinar for […]

Continue Reading