PPP is Back with Second Draws and Favorable Tax Treatment
12/22/20
By: Justin Boron The Paycheck Protection Program is set to return in 2021. As part of the $900 billion COVID-19 relief bill passed yesterday, Congress renewed the popular small business relief program administered by the Small Business Administration to allow certain qualifying businesses to take out a second draw on their forgivable loan, re-opened PPP…
How CPAs Can Minimize Liability When Assisting Clients With PPP Loan Forgiveness
7/21/20
By: Nancy Reimer and Elizabeth Lowery The CPA’s client received funds from the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and is asking if and how they will qualify for PPP loan forgiveness. As of this date, there is uncertainty over some of the program details and businesses…
Congress makes PPP forgiveness easier to obtain in passing the PPP Flexibility Act
6/5/20
By: Justin Boron You just got a reprieve on your forgiveness. In passing an amendment to the Paycheck Protection Program on Wednesday evening, Congress—among other changes it made to the PPP—extended the period to spend forgivable loan money from eight weeks to 24 weeks. The PPP Flexibility Act—which passed by unanimous consent in the Senate…
SBA Updates PPP Forgiveness Guidance: The Good News and The Bad News
5/27/20
By: Justin Boron If you borrowed less than $2 million for all of your businesses under the Paycheck Protection Program, you can feel re-assured that you won’t be questioned by the government on whether you really needed the money. The Small Business Administration made clear that those circumstances amount to a good-faith certification of need…