PPP Loan Program Gets Extension
Congress approved the PPP Extension Act of 2021, which extends the Payroll Protection Program (PPP). It was scheduled to expire on March 31, but the application deadline is now May 31.
Tag: PPP
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.
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.
Relief for Small PPP Loan Borrowers
The SBA issued a new form making it easier for smaller borrowers to qualify for loan forgiveness and clarified due dates. Is your company eligible for the simplified paperwork?
Applying for PPP Forgiveness
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
PPP Loan Applications Extended Until August 8, 2020
President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension.
SBA and Treasury Announces PPP Transparency Enhancement
The SBA and Treasury agreed with U.S. Senate Small Business Committee bipartisan leadership to make public additional data regarding the Paycheck Protection Program (PPP).
PPP Partial Loan Forgiveness
The PPP Flexibility Act offers partial loan forgiveness when a borrower uses less than 60% of the loan for payroll costs during the forgiveness covered period.
PPP: Tax Responsibilities and Disbursement Rules
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.