PPP

Did Your Lender Approve Only Partial Forgiveness of Your PPP Loan? You May Be Able to Request an SBA Loan Review

Effective January 27, 2022, the Small Business Administration (SBA) issued Procedural Notice 5000-827666. This new process allows those Paycheck Protection Program (PPP) borrowers who have received partial forgiveness approval by their lender to request SBA review of that forgiveness decision.  SBA review is entirely at the SBA’s discretion. The SBA has received many inquiries from…

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IRS Issues New Guidance on PPP Basis Adjustments

When the Consolidated Appropriations Act was passed in December of 2020, taxpayers across the nation were relieved to learn that not only would the forgiveness of Payroll Protection Program (PPP) loans be considered tax-exempt income, but that the expenses paid with those funds would also be deductible.  At the same time however, CPAs across the…

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Tax Planning Construction CAA

Tax Planning: Don’t Forget About the CAA

Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to keep it in mind as the year rolls along. Here…

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PPP Loan Application Window Extended to May 31, 2021

President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021. The new law extends the deadline to May 31, 2021. In addition, the Small Business Administration (SBA) is…

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Businesses provided a lifeline CAA enhances PPP loans and extends Employee Retention Credit

Businesses Provided a Lifeline: CAA Enhances PPP Loans and Extends Employee Retention Credit

The Consolidated Appropriations Act (CAA), passed late last year, provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. Two of the provisions that business owners likely are most interested in are the $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and…

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IRS Provides Clarification and Guidance for Employer's Claiming Employee Retention Credit (ERC) for 2020

IRS Provides Clarification and Guidance for Employer’s Claiming Employee Retention Credit for 2020

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan.  Now eligible employers can claim the credit on any wages that…

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