PPP Funded Expenses The IRS confirmed our fears and clarified that if expenses are funded with a PPP loan that hasn’t yet been forgiven, that doesn’t mean they can take the deductions this year. “If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related … [Read more...]
Simplified PPP Loan Forgiveness Form Released
Simplified PPP Loan Forgiveness The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) FAQs and issued a new interim final rule in conjunction with the issuance of a new simplified loan forgiveness application, Form 3508S, for borrowers that received a PPP loan of … [Read more...]
New PPP Loan Forgiveness Guidance
Guidance on owner-employee compensation and rent-related costs Recently the American Institute of CPAs released information that the U.S. Small Business Administration (SBA) and Treasury issued an interim final rule addressing Paycheck Protection Program (PPP) loan forgiveness issues related to … [Read more...]
Will my PPP loan be forgiven in whole or in part?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) added the Paycheck Protection Program (PPP) to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). The PPP is implemented by the SBA with support from the Department … [Read more...]