SBA Releases New PPP Loan Forgiveness Guidance
On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less. The interim final rule includes updates in three key areas:…
American Rescue Plan Act
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill was signed into law on Thursday, March 11. Read on for details on the provisions included in the ARPA. Individual Stimulus Checks Estimated portion of the stimulus…
Key Changes to the Employee Retention Credit
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. A recent article from JD Supra outlines two key provisions included in the act that make changes to the employee retention credit. Established by the CARES Act, the employee retention credit was designed to incentivize employers to maintain their staff…
New Paycheck Protection Program Guidance Released
On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim…
Congress Enacts Additional Stimulus Legislation
On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in stimulus funds comprises…
IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the contents and significance of the two releases in an article…
IRS Issues Guidance Regarding Payroll Tax Deferral
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad…
SBA and Treasury Release Additional PPP Guidance
On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two areas: owner-employee compensation and the eligibility of non-payroll costs. A recent article from the Journal of Accountancy offers a concise summation of the new regulations….
Presidential Memos Address Coronavirus Issues
Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. The four executive actions address the following areas: Unemployment…
SBA Issues 23 New PPP FAQs
On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page. The SBA sorts the new loan forgiveness FAQs into the following four categories: General Guidance…
IRS Publishes New Release Regarding Business Interest Expense Limitations
The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by…
PPP Gets Five-Week Extension
On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available through…
SBA PPP Guidance Update—June 25-26, 2020
Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers a brief overview of the guidance update. The additional guidance…
SBA Releases Guidance Regarding Early PPP Loan Forgiveness
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the…
SBA Releases Updates On PPP Forgiveness
This week, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new information for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers helpful details on the revised loan forgiveness application, the new EZ application, and the new interim final rule on…
Senate Passes Paycheck Protection Flexibility Act
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill:…
FASB Announces Further Delays of Revenue Recognition and Leases Standards
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent…
SBA Releases Application for PPP Loan Forgiveness
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the…
New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible. Let’s back up—why…
Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?
The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for certain “allowable purchases” is fully forgivable. Firstly, what are the…
SBA Releases Additional PPP FAQ Questions
On May 3rd, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification, including: The impact of a laid-off employee refusing to be rehired on a borrower’s PPP loan forgiveness amount – If the borrower attempts to…
Should You Return Your PPP Loan?
You have probably read in the news about the backlash that some public companies have experienced as a result of accepting loans through the Paycheck Protection Program (PPP). As a result of the public outcry, many of the large organizations have chosen to give back the PPP loan funds. What you may not have heard…
Guidance on Calculating Maximum PPP Loan Amounts
On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no employees Self-employed with employees Self-employed and reports income on…
IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds
On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid with forgiven Paycheck Protection Program (PPP) loan proceeds. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small…
IRS Updates FAQ on Employee Retention Credit
On April 29, the Internal Revenue Service (IRS) released a large expansion of their FAQ on the Employee Retention Credit (ERC). The ERC was created as a part of the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act, a $2.2 trillion legislative initiative designed to stave off the impact of the coronavirus pandemic. It is…
Guidance on Calculating Maximum PPP Loan Amounts
On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no employees Self-employed with employees Self-employed and reports income on…
President Enacts $484 Billion Virus Aid Bill
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional…
Beware of Scammers During the COVID-19 Crisis
Tax season is always primetime for scammers to take advantage of unknowing victims. The COVID-19 outbreak makes the risk even higher. As part of the efforts to contain the COVID-19 outbreak, the elderly, especially those over the age of 80 who are most susceptible to the dangers of the virus, have been asked to self-isolate…
Achieving PPP Loan Forgiveness
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for loan forgiveness. In response to the coronavirus pandemic, Congress created…
Charting New Territory: Business Strategy During the COVID-19 Outbreak
As the COVID-19 pandemic continues to unfold, business owners are facing a lot of uncertainty. It is not possible to know with confidence how events will continue to evolve over the next days, weeks, and months. However, there are some key steps that business owners can take to strive to mitigate damages and put themselves…
What the April 15 Filing Date Means
Dear clients and friends, The last few weeks have been trying as we navigate through the COVID-19 pandemic, both personally and professionally. During such times of uncertainty, we believe it’s extremely important to communicate. We’re here to offer resources and advice related to you and your business. We have complied a list of important articles,…
COVID-19 Scenarios and Benefits Available
The information on this flier is meant to give a general picture of benefits and rights available in certain COVID-19 work-related situations. Download the PDF here »
CARES Act Summary Coronavirus Relief: Phase Three
As of March 27, 2020, both the United States House and Senate have voted to pass a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc…
8 Areas Where Small Businesses Should Anticipate Disruption
For more than six decades, the U.S. Small Business Administration (SBA) has been a resource for small business owners and entrepreneurs in the U.S. In response to the COVID-19 pandemic, the bureau created a resource page dedicated to helping small businesses learn to establish safe, secure, and healthy practices in the face of the outbreak….
Charting New Territory: Business Strategy During the COVID-19 Outbreak
As the COVID-19 pandemic continues to unfold, business owners are facing a lot of uncertainty. It is not possible to know with confidence how events will continue to evolve over the next days, weeks, and months. However, there are some key steps that business owners can take to strive to mitigate damages and put themselves…
Coronavirus Disaster Assistance
The U.S. Small Business Administration (SBA), which has been a resource for small business owners and entrepreneurs in the U.S. since 1953, recently released a list of disaster-relief measures in response to the COVID-19 pandemic. Per the Coronavirus Preparedness and Response Supplemental Appropriations Act, which was enacted by the President on March 6th, the SBA…
Cybercriminals Are Targeting Newly Remote Workers
Around the globe, good Samaritans are rallying together in an effort to stem the tide of the coronavirus. It is an unfortunate reality, though, that some people choose to use crisis situations such as the one we currently face to take advantage of others. With many companies transitioning their staff to remote work, there has…
Do I Qualify for Paid Sick Leave Under the New Coronavirus Act?
On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, the Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Leave Act of 2020. The act includes both paid leave benefits for American workers and tax credits…
What Does Paid Sick Leave Mean for My Organization?
On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, the Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Leave Act of 2020. In order to help employers manage the cost of paid sick leave, the…
Maintaining Your Mental Health During the Coronavirus Pandemic
There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the Coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing. So how can you maintain or strengthen your mental health in the midst of…
Breaking News: Tax Filing & Payment Deadline Extended to July 15, 2020
In addition to the state tax filing and payment update we sent out earlier in the week, we would like to communicate the important news announced today about the federal tax filing relief due to the impact of the Coronavirus (COVID-19) pandemic. Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. The IRS moved the…
Legislative Update
To Our Clients and Friends: It is of utmost importance for us to communicate the most up-to-date tax information available. Due to the impact of the Coronavirus (COVID-19), the South Carolina Department of Revenue released an information letter (SC Il 20-3) that provides tax returns and payments due April 1st – June 1st will now be due June…