Forgiveness of PPP Loans May Reduce R&D Credit

Background

The forgivable loan program known as the Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial resources to small and mid-size businesses to enable them to maintain payroll and cover certain expenses during the coronavirus pandemic. PPP loans may...

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PPP Expense Deductibility and Timing Clarified in New Guidance

Written by Tax Manager Dan Chodan, CPA

The Treasury Department and Internal Revenue Service have released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. If a business reasonably expects that a PPP loan will be forgiven, expenses...

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Phishing Scam Targets PPP Borrowers

The U.S. Small Business Administration (SBA) has discovered an email scam originating from sba-attorneys.com that seeks to create alarm among Paycheck Protection Protection (PPP) loan borrowers. The email falsely warns that PPP funds were issued to the recipient in error, and that immediate action must be taken to avoid "potential criminal...

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A Simpler PPP Forgiveness Application for Loans of $50,000 or Less

On Thursday, October 8, 2020, the U.S. Small Business Administration (SBA) and the Treasury Department have released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. 

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What Businesses with PPP Loans and Changes to Ownership Need to Know

Written by Dan Chodan, CPA

Businesses with an M&A transaction and a Paycheck Protection Program (PPP) Loan will likely have new requirements to satisfy.

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Does the Timing of My PPP Loan Forgiveness Matter?

Banks are starting to accept Paycheck Protection Program (PPP) loan forgiveness applications, and some businesses are jumping at the opportunity to have the loans officially forgiven. The timing of your application and forgiveness could affect the timing of the tax effects and when you show the income in your financial statements. Please...

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New PPP Interim Final Rule Addresses Loan Forgiveness for Owner-Employee Compensation Rule & Self-Rents

Written by Dan Chodan, CPA

On Monday, August 24, 2020, the SBA & Treasury Department announced an interim final rule which provided additional guidance concerning the ownership percentage that triggers the applicability of the five owner compensation rule for forgiveness purposes and limitations on the eligibility of certain non-payroll costs...

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Key Takeaways from the PPP Forgiveness FAQ Document

Written by Dan Chodan, CPA

On August 4, 2020, the Small Business Administration and Department of the Treasury released guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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More Flexibility For PPP Loan Forgiveness & Payroll Tax Deferral

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The PPP Flexibility Act greatly increases the...

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Why You Should Conduct A 2019 Lease Audit Now

When you enter unfamiliar territory, you need a map to determine how you got there and where you’re going. Commercial tenants and landlords face uncertainty along the winding road ahead, so tenants need more clarity about their leases to help navigate the way forward. A building’s standard operations will be different in 2020 than ever before,...

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