UPDATED COVID-19 RELIEF – Employee Retention Tax Credits

Under the Consolidated Appropriations Act of 2021, which was signed into law by President Trump on December 27, 2020 (the “Act”), significant changes were made the employee retention tax credit (“ERC”) enacted under the CARES Act.   Originally, companies were forced to choose between receiving a PPP loan or taking the ERC.  As a result, the

PPP Loans & Business Expense Deductions

Taxpayers who reasonably expect their Paycheck Protection Program (PPP) Loans to be forgiven cannot deduct otherwise eligible expenses in 2020 if they used their PPP loan to pay the expenses. Background & More Information On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32, providing that a taxpayer that receives a PPP Loan


Deduction Limitation for Expenses Paid with PPP Funds: The IRS issued additional guidance on Wednesday, November 18, 2020, which expands on their prior position that otherwise deductible expenses that are paid using PPP loan funds are not deductible[1].  Revenue Ruling 2020-27 provides that if you received a PPP loan in 2020 and expect the loan

PPP Loan Forgiveness

On Tuesday, October 13, 2020 the U.S. Small Business Administration (SBA) released guidance confirming that the Paycheck Protection Program (PPP) loan forgiveness applications are not due on October 31st, 2020 as originally stated on the loan forgiveness application forms. Instead, anyone who received a PPP loan may submit a loan forgiveness application any time before

Update on PPP Loans

The Paycheck Protection Program Flexibility Act was signed into law on June 5, 2020. The act contains the following provisions that will change how PPP borrowers can maximize forgiveness of their loans. 1. Repayment Period Extension For new PPP loans, the repayment period has been extended from two years to five years from the date

PPP Loans for Self-Employed Individuals

We hope you are doing well and continue to stay safe during these times. This newsletter is to update you on the recent Interim Final Rules issued by the SBA on April 14, 2020 and additional guidance regarding the Paycheck Protection Program (“PPP”) on April 2, 2020 which by be applicable to you and your