Category: COVID Relief

A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It now heads to President Biden’s desk for signature which he is expected to do promptly. Small businesses will h Read More

By: Barry Sunshine, Joe Tancer , and Chris Zingalli The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impa Read More

By: Barry Sunshine, Joe Tancer , and Chris Zingalli Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes to how self-e Read More

By: Barry Sunshine, Joe Tancer and Chris Zingalli The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Prog Read More

The Small Business Administration (SBA) has reopened the Paycheck Protection Program (PPP) for First Draw Loans, starting  January 11, 2021. These loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker pr Read More

On December 27, 2020, the President signed into law a $900 billion Coronavirus stimulus package.  Included in this bill is a second round of Paycheck Protection Program (PPP) funding, as well as several updates to the first round of PPP funding released with the CARES Act last spring. This l Read More

Recently, the IRS released Revenue Ruling 2020-27 addressing the question that many of us have as to whether a taxpayer that received a PPP loan can deduct expenses paid during its 2020 taxable year if at the end of the year the taxpayer reasonably expects to receive forgiveness of its PPP lo Read More

This week, the SBA issued a notice seeking approval from the Office of Management and Budget to require the issuance of a “loan necessity questionnaire” for loans exceeding $2 million (guidance seems to indicate that the $2 million includes all affiliated groups). The SBA Form 3509 – Lo Read More

On October 8, 2020, the SBA released a simpler loan forgiveness application (Form 3508S) for PPP Loans of $50,000 or less.  The main provision of this new PPP Loan Forgiveness application is that applicants with PPP Loans of $50,000 or less now have an exemption from both the FTE reduction p Read More

As most know, the current pandemic created from the COVID-19 virus has caused Federal, State and Local governments to assist many small entities with new income tax benefits and incentives, and contingent low interest deferred loans that might convert to potential grants. This assistance lead Read More