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loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.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