Simplified Application for PPP Loan Forgiveness Released Tuesday the Small Business Administration released the simplified loan forgiveness application for PPP borrowers with loans of less than $150,000. The application is one page in length and does not require supporting documentation to be submitted to the lender. However, borrowers must maintain supporting documentation Read more…
Simplified Application for Forgiveness on Paycheck Protection Program (PPP) Loans of $150,000 or Less Section 307 of the Consolidated Appropriations Act (“Act”) introduced a simplified loan forgiveness application process for all PPP loans not exceeding $150,000. The one page self-certification requires the borrower to attest that they have complied with Read more…
Payroll Protection Program Loans, Round 2 Section 311 of the Consolidated Appropriations Act (“Act”) introduced the PPP “Second Draw Loans” (PPP2). It also expanded the list of qualified PPP eligible expenses while narrowing the definition of which businesses will be eligible for a 2nd PPP loan. The Act extended the Read more…
Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness The recent legislation has clarified what many businesses have been waiting for: taxpayer-friendly clarification of the tax effects of PPP loan forgiveness. Section 276 of the Consolidated Appropriations Act (“Act”) states that no amount from PPP Read more…
2020 Year-End Tax Planning for Your Business As we approach the end of an eventful year, it is important to take some time to think of planning moves that may help lower your business’s 2020 income tax bill. Below we have compiled a list of items that may help save Read more…
IRS Issues Additional Guidance Regarding Non-Deductibility of PPP Loan Funded Expenses In April, the IRS issued Notice 2020-32, providing that taxpayers who received loans through the Payroll Protection Program (‘PPP’) could not deduct expenses that result in forgiveness of the loan under the CARES Act in accordance with IRC Read more…