by SKDOToday, the Treasury and SBA issued the guidance on updated PPP loan procedures for qualified Schedule C filers applying for a first or second draw loan. In order to benefit from these new regulations, a sole proprietor, independent contractor, or self-employed individual must file a Schedule C with their individual income tax return. It is […]
by SKDOEarlier this week, the White House announced a number of changes to the Paycheck Protection Program. The SBA and Treasury have not issued any guidance on these updates as of this afternoon, so we are not sure how they will practically be put into play yet. In the meantime, we have summarized the key points […]
by SKDOThe SBA released multiple documents last night related to 1st and 2nd round PPP draws in 2021 as well as forgiveness applications submitted in 2021. The links on our PPP Page have been updated to reflect these new applications. Another document the SBA issued consolidated all of the rules they had previously issued related to […]
by SKDOLate Friday night, the SBA announced that the application window for PPP loans would reopen today (1/11/21) for community financial institutions that serve minority- and women-owned businesses. Community financial institutions are private financial institutions that are 100% dedicated to providing funding to low-income, low-wealth, or other disadvantaged groups and communities. Eligible PPP borrowers served by […]
by SKDOLast night at 11:30pm, the SBA issued their latest 2 interim rules. One of them is intended to govern new PPP loans made under the Economic Aid Act as well as applications for loan forgiveness on existing PPP loans where the forgiveness payment has not been remitted. It DOES NOT alter or affect the requirements […]
by SKDOLate Sunday night, the President signed H.R. 133, which contained a number of COVID-19 relief provisions that taxpayers have been anxiously awaiting. The Act is 5500 pages long, so we’ve summarized some of the major highlights for you below. Paycheck Protection Program (PPP) Provisions Allows a deduction for any expense used to forgive your PPP loan. Now, the loan really is non-taxable. Makes the following expenses allowable […]
by SKDOLast week, the IRS and Treasury came out with regulations that confirmed there would be no tax deduction for any expense used to forgive Borrower’s PPP loans. The new regulations went on to say that the income will need to be reported in the current tax year if the Borrower reasonably expects that the loan […]
by SKDOWith the release of Form 3508S, a simplified PPP forgiveness application for loans under $50,000, we thought it would be helpful to record a short video explaining who exactly qualifies for this new application and how to fill it out. The application is very easy, so you may find you can fill it out on […]
by SKDOLast night, the SBA issued a new FAQ related to the extended due date of borrowers’ first PPP loan payments. Originally, the first PPP payment was only deferred for 6 months. Many borrowers have made it through their entire 24 week Covered Period at this point and may be wondering whether they need to abide […]
by SKDOLast night, the SBA issued an interim rule relating to “owners” and the PPP. Below are the three main takeaways from the new guidance: A definition for “owner-employee” was finally provided. For PPP purposes only, an “owner-employee” is anyone who owns more than 5% of an S- or C-corporation. The amount of loan forgiveness requested […]