Category: covid-19

SBA streamlines forgiveness for smaller PPP loans

PPP loan forgiveness 2021

  The Small Business Administration (SBA) has released new guidance intended to expedite the PPP loan forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less.  The SBA reports these loans account for 93% of outstanding PPP loans. The guidance comes at…
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PPP loans: What businesses need to know now

PPP Loans

  A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans. This could them to be responsible for repaying…
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Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

PPP loan

  The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from…
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