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).

2021-04-12T14:53:28-06:00January 6th, 2021|

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

2021-04-12T14:54:12-06:00June 10th, 2020|

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

2021-04-12T14:54:14-06:00May 4th, 2020|
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