PPP Eligible Expenses | Wallace, Plese + Dreher

Consolidated Appropriations Act, 2021

Written January 18, 2021 by Barbara Dillon

Categories: CARES Act, Consolidated Appropriations Act, COVID-19, PPP, PPP Eligible Expenses, PPP Expenses

The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to the hardest-hit small businesses by reopening the Paycheck Protection Program and offers them the ability to apply for a second loan. The new round of loans will be limited to those with fewer than 300 employees that have experienced drops of at least 25% in revenue during any quarter of 2020 compared with the same quarter in 2019.

IRS: Eligible PPP Expenses Now Deductible

Written January 6, 2021 by Barbara Dillon

Categories: Consolidated Appropriations Act, COVID-19, Paycheck Protection Program, PPP, PPP Eligible Expenses, PPP Expenses, PPP Loan Forgiveness, SBA Lending, Tax, Wallace Plese + Dreher PPP Assistance, Wallace Plese + Dreher PPP Task Force

On January 6, 2021, the IRS and Treasury Department issued guidance allowing deductions for the payments of eligible expenses when such payments would result, or be expected to result, in the forgiveness of a covered loan under the Paycheck Protection Program (PPP).

Category: PPP Eligible Expenses