The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to...
COVID-19 Relief Bill Addresses Key PPP Issues
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Congress to Vote on New Covid-19 Stimulus Deal
Congress is finally on the verge of passing a far-reaching $900 billion Covid relief package that promises to accelerate vaccine distribution and deliver much-needed aid to small...
Necessity questionnaire for PPP loans over $2 million
A questionnaire asking borrowers to justify their $2 million-plus Paycheck Protection Program loans is confusing and burdensome, says the AICPA. The U.S. Small Business Administration and...
IRS denies deductibility of PPP loan expenses
Business owner who took a forgivable loan this year under the Paycheck Protection Program can’t write off certain expenses on their taxes if they expect the debt will be forgiven,...
PPP forgiveness simplified for loans of $50,000 or less
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the...
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,...
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...
Employee Payroll Tax Deferral is Optional, IRS Confirms
Recent IRS guidance provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The...
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...