COVID-19 Business

PPP Updates from IRS and SBA

In the past few days, the IRS and SBA have issued additional guidance. Here are some of the highlights: REVENUE RULING 2020-27: This IRS ruling amplifies IRS Notice 2020-32 and reiterates that taxpayers that received a PPP loan and that paid or incurred certain otherwise deductible expenses cannot deduct those expenses in the tax year… Read more »

PPP Loan Forgiveness – News for PPP Borrowers of $50,000 and Below

Restaurant owner with mask on

There has been much anticipation that the SBA would announce some sort of automatic forgiveness for smaller Paycheck Protection Program loan Borrowers. The rumors were put to rest yesterday with the SBA issuing another Interim Final Rule. The IFR issued on October 8, “Additional Revisions to Loan Forgiveness and Loan Review Procedures” introduced a third… Read more »

PPP Loan Forgiveness Updates and FAQs

paycheck protection program questions

On August 4 and August 11, the SBA posted additional FAQs regarding PPP forgiveness matters. There are a lot of information and some examples included in these FAQs. Below, I attempted to extract the topics that have been the most debated/questioned. This “summary” is far lengthier than I prefer – but is organized for you… Read more »

PPP Loan Forgiveness–One Step Closer

PPP forgiveness

The much awaited Paycheck Protection Program Loan forgiveness application revision is now available! The current application, issued June 16, 2020, incorporates the many changes and interpretations that have been issued by the Treasury and SBA since the initial May 15 version had been released, including the significant changes to the program that were adopted with… Read more »

Accounting for Paycheck Protection Program Forgiveness

On Wednesday, June 10, 2020, the AICPA published Technical Questions and Answers (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program providing guidance on the accounting for loan forgiveness under the Paycheck Protection Program (PPP). The TQA provides borrowers guidance in accounting for the forgiveness.   Option… Read more »

Paycheck Protection Program Flexibility Act

paycheck protection program questions

Last night, on June 3, 2020, the Senate passed a bill which was passed in the House last week to provide flexibility for the Paycheck Protection Program. It is expected the President will sign the Bill.This Bill contains language which offers some additional important flexibility for the Paycheck Protection Program. The provisions included are: Extends… Read more »

May 27 Update on PPP Loan Forgiveness: DHJJ Urges Caution at This Time

paycheck protection program questions and answers

For our readers who are closely following developments in PPP Loan forgiveness, we offer a brief update. Officially the most recent updates were on May 22 when two Interim Final Rules (IFRs) were released providing additional guidance to borrowers and lenders with respect to the forgiveness process. With those IFRs: We now understand more clearly… Read more »