IRS and PPP Expense Ruling–the Saga Continues
November 20, 2020 IRS ruling leaves taxpayers disappointed that PPP loan expenses will not be deductible for tax purposes. Will Congress act?
PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs
The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday (8/24/2020) addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs.
Accounting for PPP Loan Forgiveness
Recently the American Institute of Certified Public Accountants (AICPA) released guidance on accounting and financial reporting for the forgiveness of Paycheck Protection Program (PPP) loans acquired through the Small Business Administration (SBA) as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Tennessee Community CARES Program to Provide $150 Million in Relief Funds to Non-Profit Organizations
The information below was provided by Tre Hargett, Tennessee Secretary of State via an email dated 8/5/2020. The links provided are safe and will take you to a press release as well as a registration page for an informational session scheduled for August 6 at 2PM...
Two New PPP Loan Forgiveness Forms Released
In response to the Paycheck Protection Program Flexibility Act (“PPPFA”) the Small Business Administration (“SBA”) released two new PPP Loan forgiveness forms with instructions (linked below):
Paycheck Protection Flexibility Act Extends PPP Spending Deadline
The PPP forgiveness rules continue to evolve. Wednesday night (June 3), the Senate voted unanimously to accept the legislation previously passed by the House and President Trump is expected to sign soon. The Paycheck Protection Flexibility Act extends the deadline for small businesses to spend their PPP funds and still qualify for forgiveness. The new legislation is designed to make it easier for borrowers to reach full, or almost full, forgiveness. You can find the full summary here in the Journal of Accountancy.
Gov. Lee Announces Tennessee Business Relief Program
Good news to our small business partners across the great state of Tennessee. Of course, we're waiting for additional details to drop so we can share those with you but The Tennessee Business Relief Fund will direct approximately $200 million in federal Coronavirus...
SBA Releases Additional PPP Rules for Loan Forgiveness (Released Friday, May 23)
The Small Business Administration (SBA) released long-awaited Paycheck Protection Program (PPP) guidance Friday night adding rules for loan forgiveness. The rules follow instructions to the previously-released loan forgiveness form, but add important details. The...
The Long-Awaited PPP Loan Forgiveness Application
Over the weekend the Small Business Administration (“SBA”) released its long-awaited Paycheck Protection Program Loan (“PPP”) Forgiveness Application which you can find here. The Application and its instructions answer some questions borrowers have and give some...
Additional Guidance Issued on PPP Loans (as of May 14, 2020)
Less than one day before the May 14 extended deadline that the U.S. Treasury set for returning loan funds without penalty, it issued additional guidance. The U.S. Treasury had previously indicated that it would provide further guidance to borrowers utilizing the...