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 […]