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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.

SBA clarifies deferral period for PPP payments

The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note…

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Ready to file for PPP Forgiveness?

There is no question that PPP loan borrowers who wish to apply for forgiveness and release the burden of their PPP loan are eager to move forward.  Uncertainty, however, remains. Although there is much talk about automatic forgiveness for PPP…

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Last round of ITINs will expire in 2020

More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit…

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PPP loan forgiveness? Don’t rush in

On Aug. 10, the U.S. Small Business Administration opened its loan forgiveness portal in the wake of a contested battle about future legislation for COVID-19 relief. There are several reasons why business owners may not want to rush into completing…

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What’s In the Recent Executive Orders?

In advance of a new stimulus package agreement, the White House issued an executive order and three memoranda over the weekend. This executive action is said to provide economic relief during the current recession caused by the coronavirus.   Here are…

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New Stimulus Proposal: The Heals Act

An intensifying coronavirus pandemic has prompted Congress to look at a second round of stimulus as the recession continues to deepen. On July 27th, Senate Republicans announced the Heals Act (Health, Economic Assistance Liability Protection & Schools Act), a $1…

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