The PPP Form 3509 Loan Necessity Questionnaire (Form 3510 for nonprofits) is no longer required for loan forgiveness.
Paycheck Protection Program
New guidance provides a safe harbor for PPP loan deductions for businesses that received PPP loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.
The PPP Extension Act of 2021 provides a 60-day extension of the PPP loan application deadline, from March 31 to May 31, 2021.
Here are the top five PPP FAQs or most frequently asked questions, as new guidance and enhancements complicate the PPP loan process.
The SBA has issued new guidance for PPP loans for self-employed individuals who file Form 1040, Schedule C, allowing them to calculate their maximum loan amount using gross income instead of net profit.
The IRS is urging employers to take advantage of the newly-extended employee retention credit or ERC – which makes it easier for businesses that have kept employees on the payroll despite challenges presented by COVID-19.
The newest PPP changes announced by the SBA are intended to benefit the smallest of small businesses. PPP loans will be available exclusively to businesses with 20 or less employees and sole proprietors from Wednesday, February 24 through March 10, 2021.
In welcome news for nonproft organizations that were not eligible for the ERC in 2020 due to receiving a PPP loan, the Consolidated Appropriations Act, 2021 retroactively eliminates this limitation and extends and enhances the ERC through the first two quarters of 2021.
The Consolidated Appropriates Act, 2021 contains significant enhancements and improvements to the Employee Retention Credit (ERC).
The Consolidated Appropriations Act, 2021 addresses tax provisions related to the PPP which could have consequences for state and local tax.
The PPP loan application window opens today, Jan 15 for both first- and second-draw PPP forgivable loans (for community lenders with $1 billion or less in assets).
The release by the SBA of the PPP forgiveness form for borrowers brought significant changes to the interpretation of some of the components of forgiveness.
The U.S. Small Business Administration and The U.S. Department of the Treasury have released the
Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions.
The SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”
The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA).
Congress passed the Paycheck Protection Program and Health Care Enhancement Act, providing an additional $484 billion of coronavirus relief.
The SBA and Treasury Department continue to tweak and clarify information in the initial documentation that was released regarding the Paycheck Protection Program.
The CARES Act introduces the SBA Paycheck Protection Program and includes individual rebates, small business loans, increased unemployment benefits and tax breaks.