Some PPP Forgiveness News…
You might have seen some rumors on this already, but I wanted to help make everything clear for you… A few weeks back I told you that there were some tax professional rumors circulating about “automatic forgiveness” for PPP loans under $150K. Remember that? Well, they did it! Except it is for even smaller loans […]
Will PPP Loans and EIDL Advance be Taxable?
PPP Loans The IRS has clarified that if your loan money is forgiven, it won’t be considered taxable income. BUT, nor will it be eligible for tax deductions, even though you likely used it for expenses that normally would be tax deductible. This will leave you with a tax liability. For example, if you received […]
PPP Loan Forgiveness Applications Due Dec. 31, 2020 – But Please Don’t Wait Until the Last Minute!
While the deadline gives everyone some breathing room, there are several different permutations that will be calculated to determine the best way for you to file for forgiveness. And there will be a flood of applicants at the end of the year. For your sake (and your tax professional’s), don’t wait until the holidays to […]
More PPP Guidance Released by the SBA
Every Small Business Owner Needs a CFO – Especially Now
As a small business owner, you may not feel you can justify the expense of a full time CFO. But there are times you absolutely need someone with a trained financial mind to help you make big decisions, plan for the future – and ensure you are properly tracking your finances. Here are just […]
SBA Clarifies Last Week’s PPP Legislation
When the latest PPP legislation passed last week, it eased a number of restrictions, making far easier for businesses to qualify for loan forgiveness. While the 75% requirement for payroll had been reduced to 60%, the original wording implied that this 60% level would be a “cliff,” below which no forgiveness at all would be […]
PPP Restrictions Eased – New PPP loan Legislation Just Passed
GREAT news if you have a PPP loan or are still considering applying for one. Congress moved quickly this week, and the president JUST signed it into law. We share the highlights of the new PPP loan legislation below. Please contact us with any specific questions – the loan forgiveness calculations are still complex, and you […]
SBA Releases PPP Loan Forgiveness Application – Key Takeaways
The SBA has released the much-anticipated form for businesses to apply for PPP Loan Forgiveness. The 11-page application goes a long way to resolve many of the questions and concerns businesses had anxiously wondered about loan forgiveness.
Less than $2 Million Borrowed? Yes, You Meet the Good-Faith Certification Test
Many business owners were nervous about taking the PPP loan because it was unclear if you could demonstrate the need for a loan if you had reserves to get through the crisis without it. The SBA has now made it clear that if you received less than $2 million, it is automatically deemed that you […]
Loan Forgiveness under PPP Loan Provisions
Well, you probably saw this coming… Turns out … if you received a PPP loan, the expenses you pay from the proceeds of this (forgivable) loan … are not deductible. Ouch. The IRS just released new guidance to this end (which is being protested by the AICPA and other accounting associations). This provision reduces the value of the […]