Posts Tagged ‘PPP Loan’
Your PPP Loan Funds and Tax Deductibility
IRS Releases Guidance on Deducting Expenses Paid for with PPP Funds What may come as a shock, the IRS recently issued guidance on its position regarding the deductibility for expenses paid for using Paycheck Protection Program (PPP) funds received earlier this year by many businesses. Although the amount of loan forgiveness will not be counted…
Read MorePPP Loan Forgiveness Update – September
The time is fast approaching where most businesses will need to finalize their 24 week period where they are tracking their covered PPP loan expenses. After this period ends, you will need to complete the PPP Loan Forgiveness Application, either the EZ version or the long version depending on your situation. Banks will allow you…
Read MoreExecutive Order Update – Payroll Tax Deferral
How the Latest Executive Orders Might Affect Your Business Also check our PPP Loan Forgiveness Update Below As you may have heard, President Trump signed four executive orders. The orders provide relief on two areas that affect employers in addition to student loan deferrals and protection from evictions the forms of: Payroll tax deferral Unemployment…
Read MorePaycheck Protection Program Flexibility Act
We just wanted to update you on the the PPPFA, which makes some welcome changes to the PPP Forgiveness criteria. For small businesses and restaurants that have been unable to hire enough employees back to expend their PPP funds before the fast approaching 8 week period, then this will help you drastically. The PPPFA makes…
Read MorePPP Loan Forgiveness Update
The new SBA Paycheck Protection Program (PPP) Loan Forgiveness Worksheet is out. Along with the 4 page application are detailed instructions on how to calculate forgiveness and submit your request to your bank when the 8 week period is over. We recently sent out a spreadsheet to help our clients project and then track their…
Read MoreHow To Ensure Your PPP Loan is Forgiven
Many small businesses are now receiving their Paycheck Protection Program (PPP) loan funds, so probably a good time to discuss how businesses achieve the best part of these loans, the forgiveness part. Forgiveness of the loan proceeds is possible only if you use the funds according to the SBA rules. Free money is seldom without…
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