COVID-19
PPP Form 3509 Loan Necessity Questionnaire No Longer Required
The PPP Form 3509 Loan Necessity Questionnaire (Form 3510 for nonprofits) is no longer required for loan forgiveness.
DMLO CPAs
July 1, 2021
PPP
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loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.
DMLO CPAs
April 26, 2021
COVID-19
PPP Loan Application Deadline Extension
The PPP Extension Act of 2021 provides a 60-day extension of the PPP loan application deadline, from March 31 to May 31, 2021.
DMLO CPAs
March 30, 2021
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.
DMLO CPAs
March 16, 2021
COVID-19
New SBA Rules For PPP Loans For Self-Employed (Schedule C) Taxpayers
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.
DMLO CPAs
March 4, 2021
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.
DMLO CPAs
March 2, 2021
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.
DMLO CPAs
February 22, 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.
DMLO CPAs
February 7, 2021
COVID-19
Employee Retention Credit Extended & Expanded By New Stimulus Package
The Consolidated Appropriates Act, 2021 contains significant enhancements and improvements to the Employee Retention Credit (ERC).
DMLO CPAs
January 25, 2021
COVID-19
State and Local Tax Impact of New Stimulus Package
The Consolidated Appropriations Act, 2021 addresses tax provisions related to the PPP which could have consequences for state and local tax.
DMLO CPAs
January 24, 2021
COVID-19
PPP Loan Application Window Opened Today For Many
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).
DMLO CPAs
January 15, 2021
COVID-19
New Coronavirus Relief Bill
Coronavirus relief bill includes deductibility of expenses paid with proceeds of a forgiven PPP loan, direct payments, extension of federal unemployment benefits, extension and expansion of employee retention tax credit and more.
DMLO CPAs
December 21, 2020
COVID-19
Are PPP Loan Expenses Deductible ?
IRS addresses the question “are PPP loan expenses deductible ?” in Revenue Ruling 2020-27 but many believe it contradicts intent of Congress.
DMLO CPAs
November 24, 2020
COVID-19
R&D Tax Credit May Be Reduced With PPP Loan Forgiveness
If you received a Paycheck Protection Program (PPP) loan AND want to take advantage of the R&D tax credit, make sure you understand the potential impact of PPP loan forgiveness.
DMLO CPAs
November 20, 2020
COVID-19
PPP Flexibility Act To Help With Obtaining Loan Forgiveness
Highlights of the Paycheck Protection Program Flexibility Act of 2020, signed into law on Friday, June 5.
DMLO CPAs
June 4, 2020
COVID-19
PPP Loan Forgiveness: Live Update on June 2
Overwhelmed with the constant barrage of PPP Loan Forgiveness info and worried that you will miss something important? Join our live Zoom meeting on June 2.
DMLO CPAs
May 28, 2020
COVID-19
SBA Issues New Guidance On PPP Loan Forgiveness
SBA issued another interim final rule to help PPP borrowers with loan forgiveness applications, help PPP lenders making loan forgiveness decisions, and share the SBA process for reviewing PPP loan and forgiveness applications.
DMLO CPAs
May 26, 2020
COVID-19
Significant Changes To PPP With Release of Forgiveness Form
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.
DMLO CPAs
May 19, 2020
COVID-19
PPP Loan Forgiveness Application and AICPA Recommendations
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.
DMLO CPAs
May 17, 2020
COVID-19
SBA Grants Safe Harbor to Borrowers with PPP Loans Less than $2 Million
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.”
DMLO CPAs
May 14, 2020
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