On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance. The rule, Paycheck Protection Program…
PPP Forgiveness Form Released by SBA, Includes Changes
The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known.…
SBA Grants Safe Harbor to Borrowers with PPP Loans Less than $2 Million
In an update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs, the SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification…
IRS Grants Midyear Changes to Health, Dependent Care, Flex Spending Accounts
The COVID-19 pandemic has thrown a wrench into many employer-sponsored health, flexible health, and dependent care plans as employees are seeing increased or decreased need, depending on the impact of the pandemic on their families. In response, the IRS is…
PPP Economic Uncertainty Clarification Update Gets Extended Repayment Deadline
The original May 7 deadline for repayment of Paycheck Protection Program (PPP) loans that could not be certified necessary was extended to May 14 following concerns stemming from the business community over qualification uncertainties. On April 23, the SBA updated…
IRS Releases Guidance on PPP Loan Forgiveness
The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA). While coverage on how to apply…
SBA Paycheck Protection Program Updates
Over the last several days, there have been some developments and clarifications related to the Paycheck Protection Program (PPP). The PPP program loan funds were increased by $310 billion to a total of $659 billion on Friday, April 24, 2020,…
Do You Have to Pay Back Your Stimulus Payment?
I’m receiving a lot of questions regarding the stimulus payments: Are they taxable? Do you have to pay it back? Does it affect your tax refund/liability for your 2020 return? Technically, the stimulus payment you have or are about the…
Financial Relief for Families Tax Credit – What to Expect with Your Check
The distribution of economic impact payments is expected to begin in the next three weeks and be available throughout the rest of 2020. With so much news circulating, it can be difficult to keep tabs on the latest updates. We…
Paycheck Protection Program (PPP) Loan Instructions and Tips
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27 provides $349 billion in funding for the Small Business Administration (SBA) in an effort to provide assistance and relief to America’s small businesses struggling under the weight of COVID-19. The Act includes a paycheck protection…