Tag: PPP

Business owners may be eligible to request an increase to already-distributed PPP1 Loan

With the recent changes to the first distribution of the Paycheck Protection Program (PPP1) rules, the following situations may allow for PPP1 recipients to be eligible for an increase to the amount they originally received: EIDL Grant Reduced PPP1 Forgiveness...

Forgiveness application for PPP loans of $150,000 or less now available

The U.S. Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less: PPP Loan Forgiveness Application Form 3508S.  The...

$900 COVID-19 Relief Bill offers new help for individuals and businesses

Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package.  The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...

IRS Confirms Paycheck Protection Program (PPP) Loan Forgiveness is Taxable in 2020 

A recent IRS ruling (Rev Ruling 2020-27) specifies the circumstances of when PPP-funded expenses cannot be deducted.  A taxpayer that received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in section 1106(b)...

UPDATED PPP essentials for small business owners: Qualifying Expenses, Forgiveness, and Recent Changes

It’s been several months now since many small business owners have received and spent their Paycheck Protection Program (PPP) loan awards, and many businesses are now ready to start the forgiveness process.  But SBA rules and legislation have significantly changed...

PPP loans under $50,000 get simplified forgiveness process with new rule

The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven with a simpler loan forgiveness application and interim final rule. The new application...

SBA issues surprising new PPP guidance addressing rent-related costs and owner-employee compensation 

On August 24, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) addressing the Payroll Protection Program (PPP) as it relates to the ownership percentages that trigger the applicability of the owner compensation rules and limitations on the eligibility...

U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions

The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness.  As small business owners approach the loan...

PPP Application deadline extended to August 8

Business owners have another five weeks to apply for federal pandemic relief funds through the Paycheck Protection Program after President Trump approved a five-week extension.  The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans...

Michigan businesses can use MI Workshare program to bring back employees flexibly

With businesses starting to open up, Michigan is strongly encouraging businesses to consider using the MI Workshare program to start bringing employees back on a part-time basis as things ramp up.  It can be a win-win for the employer and...