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Consolidated Appropriations Act: Changes to the Employee Retention Tax Credit

The Consolidated Appropriations Act, 2021 (CAA) is a $2.3 trillion spending bill that combines $900 billion in stimulus relief for the COVID-19 pandemic in the United States, with a $1.4 trillion omnibus spending bill to fund the operation of. Read More >>

Revamped Paycheck Protection Program Opens, Application Forms Released

As we mentioned last week, the U.S. Small Business Administration (SBA) and Treasury released the loan application forms for the revamped Paycheck Protection Program (PPP). The application portals, which launch today, are open for small community financial institutions to. Read More >>

SBA & Treasury Issue Guidance for Second Draw Paycheck Protection Program Funding

*UPDATE* The SBA and Treasury announced that the revamped Paycheck Protection Program will open Monday 1/11/21 for select lenders and borrowers. Read post >> The U.S. Small Business Administration (SBA) and Treasury issued regulatory guidance Wednesday evening for the. Read More >>

Congress Passes Year-End Spending, Stimulus Bill with Tax Extenders

The Consolidated Appropriations Act, 2021 (CAA, 2021) passed Congress on December 21, 2020, and is awaiting the President’s signature. The CAA is 5,500 pages that touch on many areas of tax law, and additional changes could occur as the. Read More >>

COVID-19 Relief Bill Passed, Key Paycheck Protection Program Issues Addressed

Congressional leaders came to an agreement on the terms of a $900 billion COVID relief bill to be attached to The Consolidated Appropriations Act, 2021 (“The Act”). This was voted on and approved by the House and Senate on. Read More >>

Details of the Bipartisan COVID Relief Plan Proposal

Congressional leaders are currently working on a bipartisan proposal to provide additional stimulus to the U.S. economy in the waning days of the lame duck session. Although many of the details are still unknown, the American Institute of CPAs. Read More >>

IRS Issues Additional Guidance on Taxability of Paycheck Protection Program Loan Forgiveness

We previously reported back in May that the IRS issued Notice 2020-32, stating that expenses related to forgiven Paycheck Protection Program (PPP) loans would not be deductible. This created much uncertainty as to how those rules would apply under. Read More >>

AICPA Joins 80+ Organizations Concerned About Paycheck Protection Program Loan Necessity Questionnaires

We previously reported that the Small Business Administration (SBA) issued a draft on October 26 to begin asking Paycheck Protection Program (PPP) lenders to issue “Loan Necessity Questionnaires” to borrowers that received $2 million or more in funds from. Read More >>

Tips for Supporting $2M+ Paycheck Protection Program Loan Necessity

While forgiveness may be simplified for PPP loan borrowers of $50K or less, things may not be so simple for borrowers in excess of $2M. As we reported last week, the Small Business Administration (SBA) is expected to issue. Read More >>

SBA to Release New Forms to Validate Paycheck Protection Program Loans in Excess of $2M

On October 26, 2020, the Small Business Administration (“SBA”) posted a notice stating that it intends to release two new forms relating to the infamous FAQ #31 relating to borrowers’ good faith certifications that “[c]urrent economic uncertainty makes this. Read More >>