PPP loans

10 Considerations for Claiming PPP Loan Forgiveness and the ERC Tax Credit

Business owners need to make choices on their 2021 taxes regarding the Paycheck Protection Program and the Employee Retention Credit. Both were enacted to help businesses stay in operation during the lockdowns caused by the COVID-19 pandemic. The PPP provided forgivable loans to businesses, and the ERC was intended to

2022-02-15T14:03:22-07:00February 15th, 2022|

The New American Rescue Plan Act of 2021

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARP Act), the $1.9 trillion COVID-19 relief package aimed at stabilizing the economy, providing needed relief to individuals and small businesses, and improving and accelerating the administration of coronavirus vaccines and testing. The House of Representatives passed the

2021-03-16T15:51:54-06:00March 16th, 2021|

Tax Consequences of PPP Loans

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background In March of 2020, the

2021-04-12T14:53:27-06:00January 26th, 2021|

Consolidated Appropriations Act 2021: The Main Tax Provisions

The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver

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

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|
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