PPP Loan Provisions for Small Businesses
Beginning February 24, 2021, the Small Business Administration (SBA) is establishing an 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
Category: PPP Loan Forgiveness
Overview of the New PPP2
The new round of Paycheck Protection Program (PPP2) loans is available to both new and second-time borrowers. Who gets the money and what are the rules?
IRS: Eligible PPP Expenses Now Deductible
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).
IRS Releases Additional Guidance on PPP Loan Forgiveness
The IRS published a Revenue Procedure and a Revenue Ruling to clarify certain complex and controversial details in PPP loan forgiveness. Read further for a summary of the new IRS guidance.