In our Monday blog post, we mentioned the Treasury guidance on the Paycheck Protection Program (PPP) loans regarding borrower eligibility and that any borrower that applied for a PPP loan prior to the issuance of such guidance may repay the loan in full by May 7, 2020 and be deemed by the SBA to have [...]
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 [...]
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 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 [...]
Below is our understanding of the appropriate ways to be in touch with the Internal Revenue Service (IRS) as of right now. All of this information is as of today, and with all of this type of information, it can change at a moment's notice. The practitioner’s hotline (that's the one we would call on [...]
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 [...]
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 [...]
As part of an update to a prior COVID-19 filing and payment changes, the IRS has now pushed back the second quarter will now also be due on July 15, 2020. So to summarize, all returns that were initially due between April 1, 2020 and before July 15, 2020 are now due on July [...]
The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group. This Act may be cited as the “Coronavirus Aid, Relief, and Economic Security [...]
The SBA and the US Treasury issued a Frequently Asked Questions document yesterday. Paycheck Protection Program Frequently Asked Questions April 6 2020 This is helpful as many companies and business owners are having trouble filling out the application. There is also some disagreement among the banks as to what is allowed or not allowed. [...]