On January 6, 2021, the Treasury Department and Internal Revenue Service (“IRS”) issued IR-2021-02, which provides guidance allowing the deduction of eligible expenses when such payment would result (or be expected to result) in the…
The SBA began allowing lenders to submit Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020. Below is the timeline for the loan forgiveness phase of the PPP process. Two Key Questions Remain…
On October 8, 2020, the U.S. Small Business Administration (SBA) released Form 3508S in an effort to simplify and streamline the PPP loan forgiveness process on loans of $50,000 or less. The new form was…
COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…
On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…
Paycheck Protection Program The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan made available to businesses with fewer than 500 employees (including sole proprietors, independent contractors and self-employed persons). Businesses in the…
The COVID-19 pandemic has resulted in high unemployment rates and left many households struggling to make ends meet. Under normal circumstances one would be advised to avoid accessing retirement account funds early. However, with the…
On Wednesday, the U.S. House voted to approve a five-week extension of the PPP loan application deadline. First passed by the Senate on Tuesday, the bill is now in the hands of President Trump, who…
Late on Tuesday, June 30, 2020, the Senate passed legislation to extend the deadline for small businesses to apply for COVID-19 related aid under the Paycheck Protection Program (PPP) to August 8, 2020. While it…
The path to PPP loan forgiveness continues to evolve. Below we provide a more detailed summary of the changes resulting from the Paycheck Protection Program Flexibility Act (PPPFA) as well as additional guidance and clarification…