The U.S. Small Business Administration (SBA) published new guidance Wednesday designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program… Read more “SBA streamlines forgiveness process for most PPP loans”
Tag: ppp
CPAs and the historic Paycheck Protection Program
We passed a major milestone in pandemic economic recovery recently — the closeout of the loan application period for the Paycheck Protection Program (PPP), which ended May… Read more “CPAs and the historic Paycheck Protection Program”
The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year.
Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the future cannot deduct expenses related to those loans… Read more “The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year.”
Azari T Benjamin PL 