Paycheck Protection Program

COVID-19

IRS Provides Safe Harbor for PPP Loan Deductions

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loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.

PPP FAQs
COVID-19

Top Five PPP FAQs

Here are the top five PPP FAQs or most frequently asked questions, as new guidance and enhancements complicate the PPP loan process.

Employee Retention Credit Graphic
COVID-19

IRS Guidance for Claiming the Employee Retention Credit

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.

PPP Changes Small Business Loans
COVID-19

Newest PPP Changes To Benefit Mom and Pop Businesses

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.

COVID-19

Employee Retention Credit for Nonprofit Employers

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.

Guidance
COVID-19

IRS Releases Guidance on PPP Loan Forgiveness

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).

SBA PPP EIDL Loans
CAS

SBA Paycheck Protection Program Update

The SBA and Treasury Department continue to tweak and clarify information in the initial documentation that was released regarding the Paycheck Protection Program.

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