03/03/2021 – Updates on PPP Loans for Schedule C Filers

Today, 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 […]

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1/11/21 – PPP Window Reopens Today for Certain Borrowers

Late 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 […]

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12/28/20 – Stimulus Bill and PPP Round 2

Late 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 and [...]
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