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(The.Idea.Exchange) Blog. Timely articles on a wide range of topics including new tax legislation, accounting regulations, best practices, industry news, business insights and more.

Warady & Davis Blog – The Idea Exchange (TIE)

The Restaurant Revitalization Fund

Updated 4-6-2021 The American Rescue Plan Act of 2021 (the “Act”), signed by President Biden on March 11, 2021, includes within Section 5003 a $28.6 billion appropriation to establish a Restaurant Revitalization Fund (the “RRF”) to provide tax-free federal grants…

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PPP Application Deadline Extended

On Wednesday, March 31, 2021, the President signed the PPP Extension Act of 2021, H.R. 1799 which moves the Paycheck Protection Program (PPP) application deadline from March 31 to May 31.  This provides an additional 60 days for businesses to…

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Economic Injury Disaster Loans Update

The U.S. Small Business Administration is more than tripling the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program. Starting the week of April 6, the loan limit for COVID-19 EIDL…

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What’s in the ARPA for individuals?

On March 11, 2021, President Biden signed the American Rescue Plan Act (“the Act”), a $1.9 trillion COVID-19-relief stimulus package. The Act extends the unemployment benefits that were set to expire March 14, and provides expansive pandemic relief funding for…

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New stimulus business and nonprofit benefits

President Biden has signed into law The American Rescue Plan Act 2021 (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments.  The latest stimulus package contains benefits for businesses and nonprofits. It allocates an…

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New favorable PPP rules for self-employed

The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net…

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White House announces PPP changes

The Biden-Harris administration announced several reforms to further target the Paycheck Protection Program (PPP)  to the smallest businesses and those that have been left behind in previous relief efforts. The following are specific changes: 1.   Create 14-day period, starting Wednesday,…

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Simplified PPP Loan Forgiveness Application

The US Small Business Administration (SBA) and Treasury have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less – Form 3508S. Before the…

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PPP Round 2

Reopening of PPP Loan Program The SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting Jan. 11 and second-draw PPP loans…

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Important PPP Changes and Guidance

IMPORTANT NOTE: On January 6, 2021 the SBA issued approximately 120 pages of new regulations regarding PPP loans.  We have updated the below article on PPP Changes with significant new details, including: New methods to calculate a 25% reduction in…

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Unemployment fraud increasing exponentially

The U.S. Department of Labor’s Inspector General estimated $26 billion in unemployment benefits could end up being pocketed by fraudsters.  NortonLifeLock, which has 4.5 million customers, has seen  a 6,140% spike in the number of unemployment insurance fraud claims from…

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