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The PPP Loan Forgiveness Application

Last Friday, May 15th, the SBA and Treasury released the PPP Loan Forgiveness Application. This application provides new elections and exemptions available to borrowers, as well as clarifies certain questions regarding PPP loan forgiveness. These elections/exemptions/clarifications include: Payroll Costs – Provides borrowers with a weekly or biweekly payroll schedule the option to elect to use [...]

PPP Loans Under $2M Get Safe Harbor

Earlier today, May 13, the SBA and Treasury updated the Paycheck Protection Program (PPP) Frequently Asked Questions (again!) to add question #46. This update provides a safe harbor with respect to the borrower’s good faith certification concerning the necessity of the PPP loan. The answer states “Any borrower that, together with its affiliates, received PPP loans [...]

PPP Borrowers Must Certify That PPP Loan is Necessary

In the latest PPP FAQs as of May 3, 2020, questions 31, 37, and 39 emphasize that all borrowers must certify in good faith that their PPP loan is necessary to support ongoing operations, and that any borrower that applied for a PPP loan prior to the issuance of such guidance (originally published April [...]

No tax deduction for payments that result in PPP loan forgiveness

The recent IRS Notice 2020-32 clarifies that no tax deduction is allowed for payments for eligible PPP loan expenses to the extent these expenses result in PPP loan forgiveness because the PPP loan forgiveness will not be taxable income. This means that the PPP loan forgiveness will result in a net-zero tax effect for the [...]

More Tax Legislation Updates aka More Money for Businesses

More Tax Legislation Updates aka More Money for Businesses On Tuesday, April 21, 2020, the Senate approved $310 billion in additional Paycheck Protection Program (“PPP”) funds and another $50 billion in the Economic Injury Disaster Loan (“EIDL”) program.  There is also another $10 billion for the small business grants of up to $10,000 ($1k [...]

By |2020-04-30T14:07:55+00:00April 22nd, 2020|Corporate & Partnership Tax, News & Events|0 Comments

Angela Hamiter nominated to serve three year term to the Alabama Society of Certified Public of Accountants

Angela Hamiter has been nominated to serve a three-year term on the board of the Alabama Society of Certified Public Accountants (ASCPA). The ASCPA Nominations Committee met in Montgomery, and each nominee has already agreed to begin serving June 1, 2020 if elected. The ASCPA is the statewide, professional membership organization representing over 6,000 Alabama [...]

By |2020-04-20T13:38:38+00:00April 20th, 2020|News & Events, Press Releases|0 Comments

What’s Next for the Paycheck Protection Program Loan Recipients?

Now that many of you have either already or are waiting on your Paycheck Protection Program (PPP) loan disbursements, we though that it would be helpful to provide you with guidance on the how and how much of that loan can be forgiven. EDITOR's NOTE from May 12, 2020: Several updates and information can [...]