Rule Change for the PPP!
In the tradition of having a major tax law change every few days during 2020, Congress has now passed the PPP Flexibility Act and the President is expected to sign it. The key features of the bill: Extending the loan... Read More →
I got PPP money and EIDL money… now what?!
When the pandemic hit, many nervous business owners applied for everything that they could to keep their businesses afloat. Now they are seeing random amounts of money being deposited in their bank account and don’t know what to do. Economic... Read More →
Worksheet for Calculating PPP forgiveness
On May 15, 2020 the SBA released a worksheet for calculating PPP loan forgiveness. Note: this worksheet does not provide any more official guidance or definitions on what is forgivable. So taxpayers and their advisors are still in the dark about... Read More →
Guidance issued on PPP for Self-Employed
The SBA has issued a second set of Interim Final Rules for the Paycheck Protection Program (PPP), this time focusing on how these loans work for self-employed individuals. The guidance clarifies the following issues: Individuals who are partners in a... Read More →
What is payroll for the PPP?
If you are applying for a Paycheck Protection Program Loan, you may have been stumped about what to include in payroll costs. Thankfully, the SBA released guidance yesterday in response to demands from banks and borrowers to provide greater clarity... Read More →
Which SBA Loan should I choose?
The Small Business Administration has published a site outlining many loan options that employers can use to get through the COVID-19 retraction. These loans are not tax initiatives thus we cannot provide advice on these loans. Paycheck Protection Program (PPP) This... Read More →