If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic [...]
Join our upcoming webinar to learn about the PPP forgiveness timeline, eligible expenditures, and get guidance maintaining documentation. Our presenters will also cover recent updates, and provide tips on how to integrate PPP into your business planning. This webinar will feature a live Q&A session – so bring your questions!
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a [...]
On Friday afternoon, the SBA released additional guidance on several key elements related to PPP forgiveness, as well as a PPP Loan Forgiveness Application. Some areas that have been better defined, include: Alternative Payroll Covered Period Added For payroll [...]
If you've secured funding from the Paycheck Protection Program – now is the time to get a head start on gathering the documents you'll need to apply for forgiveness. Our checklist provides: A quick overview of what to expect [...]
Among the many relief provisions passed by Congress in recent days are loans focused on small businesses. This isn't entirely new to the SBA, which has long been in the loan business, but recently passed laws supercharged the offerings. [...]