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Topic: Paycheck Protection Program

Paycheck Protection Program and Employee Retention Credit in 2021? New IRS Guidance May Provide Additional Relief for 2020
By Jonathan Tretter, CPA on March 2, 2021

Would your business be eligible to retroactively claim the Employee Retention Credit (ERC) for parts of 2020, but you have already applied for and been granted full Paycheck Protection...

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SBA Issues Updated Interim Final Rules on PPP Loan Forgiveness and PPP Loan Forgiveness Applications
By Jonathan Tretter, CPA on January 20, 2021

Late Tuesday night (1/19/21), the SBA published an “Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by the Economic Aid Act”. In addition, they...

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PPP Reopening: Round 1 and Round 2 PPP Loan Updates
By Richard J. Wright, Jr. CPA on January 11, 2021

Here is what we know about the PPP reopening: PPP Round 1 loans will reopen to those businesses that have not yet received a PPP loan on Monday, January 11. For the first 2 days, the SBA...

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Congress Has Thrown PPP Borrowers the Life-Line We Expected
By Richard J. Wright, Jr. CPA on December 21, 2020

Finally, and not a minute too soon, Congress appears to have come to their collective senses and provided businesses with the critical correction to the CARES Act, with the New Stimulus...

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Did the IRS Just Burn Thanksgiving Dinner, or Ignite a Necessary Fire Under Congress?
By Richard J. Wright, Jr. CPA on November 22, 2020

On November 18th the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, clarifying their position regarding the deductibility of expenses paid with Paycheck Protection Program...

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SBA Quietly Developing a PPP Questionnaire
By Richard J. Wright, Jr. CPA on November 1, 2020

It appears that The Small Business Administration (SBA) is developing or has developed a new Paycheck Protection Program (PPP) questionnaire - although they have not officially commented...

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