The SBA addresses those worried about the 10/31/20 expiration date on the 3508 series forms
The SBA addresses those worried about the 10/31/20 expiration date on the 3508 series forms. The deadline to apply for forgiveness of a PPP loan…
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SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less
On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less. Instructions for the new $50k PPP…
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SBA Now Approving PPP Loan Forgiveness Applications
The Small Business Association (SBA) has said that it began approving PPP loan forgiveness applications on Friday, October 2nd. More than 5 million small- to…
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PPP2 Proposals in New House Democratic HEROES Bill
House Democrats have released a new comprehensive relief bill this week. This proposal is a slimmer version of the HEROES Act and include improvements to…
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Senate Republican Bill S_178 with additional PPP provisions failed to get needed votes
Senate Republican Leader Mitch McConnell placed a bill before the Senate Thursday 9/10. S 178 is a roughly $500B package that included many “small business-related…
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PPP Key Issues for CPAs and Businesses to Consider Now
Accounting Today together with ADP and the AICPA conducted a webinar on 9/2 focused on key issues for CPAs and businesses to consider with regard…
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SBA Updates to Business Loan Program and PPP Treatment of Owners and Forgiveness of Certain Nonpayroll Costs
SBA released interim final rule #24 on 8/24/2020: https://home.treasury.gov/system/files/136/PPP–IFR–Treatment-Owners-Forgiveness-Certain-Nonpayroll-Costs.pdf This IFR covers PPP loan forgiveness requirements relating to: (1) owner-employees with less than a 5% ownership stake…
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IRS Releases Draft Form 8829 (expenses for Business Use of Home)
The IRS has just released Draft Form 8829 (Expenses for Business Use of Home). Note the PPP deductibility reminder from the IRS. https://www.irs.gov/pub/irs-dft/i8829–dft.pdf Expenses Related…
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President Trump’s Payroll Tax Suspension Executive Order Payroll May Negatively Impact PPP Loan Recipients
On August 8th, President Trump signed an Executive Order allowing employers to defer employees’ payroll taxes from September 1 through December 31, 2020. The loan forgiveness rules for…
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PPP – Update 8/12
The Small Business Association issued a new PPP Interim Final Rule late evening 8/11. Appeal of SBA Loan Review Decision Under the Paycheck Protection Program.…
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