New ERC guidance; Congress mulls early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to...

SBA streamlines forgiveness for smaller PPP loans

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA...

PPP first-draw forgiveness & repayment

The end of the principal and interest payment deferral period is rapidly approaching for many businesses that received first-draw loans under the Paycheck Protection Program (PPP1).  To avoid having to make payments, if you have not filed for your PPP1 forgiveness,...

Tax refund delays? Where is your money and how to track it.

The IRS is behind schedule with processing income tax returns. Some taxpayers have been waiting months to get their tax refunds due to an IRS backlog of around 35 million unprocessed returns. On top of challenges created by the pandemic, the IRS has been disbursing...
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White House announces PPP changes

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...

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PPP Round 2

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...

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Important PPP Changes and Guidance

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...

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