COVID-19

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 »

Paycheck Protection Program – Income Tax Treatment Clarified

paycheck protection program questions

Slowly the details of the Paycheck Protection Program (PPP) Loan program are coming into focus. The most recent clarification has come from the Internal Revenue Service in IRS Notice 2020-32. The IRS stated eligible expenses the business incurs in the 8 week “covered period” (i.e., those expenses that qualify for PPP loan forgiveness) will not… Read more »

CARES Act Overview: The Impact on Taxpayers and Businesses

Cares Act Overview

On March 27, 2020, President Trump signed into law the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill brings with it several elements of relief for businesses, employees, and families in an effort to maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly… Read more »

Small Business Administration (SBA) Loans Under the CARES Act

SBA Loans Under The Cares Act

SBA 7(a) Loans under the CARES Act-Paycheck Protection Program (PPP) The purpose is to incentivize small businesses to maintain their workforce and rehire workers who were laid-off due to COVID-19 interruptions. View the Paycheck Protection Program details on the Small Business Administration website. Underwritten by SBA, modeled after the existing SBA 7(a) loan program Expanded… Read more »

Key Tax Implications for Individuals in The CARES Act

Cares signed into law.

Key Updates for Friday, March 27: The “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) has been signed into law by President Trump after passing the House of Representatives on Friday, March 27, after passing the Senate on Wednesday, March 25. Below is a summary of the major individual income tax provisions in the… Read more »