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Covid -19

12 01, 2021

Paycheck Protection Program to Include Expenses


Eligible Paycheck Protection Program expenses now deductible. WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020. The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and [...]

Paycheck Protection Program to Include Expenses2021-01-12T02:49:09+00:00
12 01, 2021

COVID-19 Relief Bill


Simplified application & other terms of note... The new COVID-19 relief bill: Creates a simplified forgiveness application process for loans of $150,000 or less. Specifically, a borrower shall receive forgiveness if a borrower signs and submits to the lender a certification that is not more than one page in length, includes a description of the number of employees the borrower was able to retain because of the loan, the estimated total amount of the loan spent on payroll costs, and the total loan amount. The SBA must create the simplified application form within 24 days of the bill’s enactment and may not require additional materials [...]

COVID-19 Relief Bill2021-01-12T02:45:49+00:00
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