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...
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...
Who’s subject to PPP Owner-Employee Forgiveness Limits?
The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee...
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...
Treasury Issues New FAQs on PPP Loan Forgiveness
As the Small Business Administration (SBA) prepares to accept forgiveness documentation from lenders via its Paycheck Protection Program (PPP) Forgiveness Platform beginning on August 10,...
What’s in the latest PPP loan forgiveness FAQs?
FAQs on PPP Loan Forgiveness Issued by SBA with Some Surprises on Shareholder-Employee Payroll Costs The Small Business Administration (SBA), in consultation with the Department of the...