PPP Loan Expenses: What’s Deductible? By: David M. Reape The simple answer is, we’re not sure yet. This week, the IRS issued Revenue Ruling 2020-27 which provides additional guidance on the non-deductibility of expenses paid with PPP loan proceeds […]
SBA Issues New Questionnaire for Larger PPP Borrowers By: Anthony LaNasa The Small Business Administration (SBA) has begun issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with loans over $2 million. SBA will use the questionnaire as they review […]
Ohio to Offer $429.5 Million in CARES Act Funds to Businesses, Individuals & Nonprofits By: Anthony LaNasa In an announcement on Friday October 23rd, Governor DeWine stated nearly half of Ohio’s $900 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be dispersed to […]
Simplified PPP Forgiveness Application for Loans of $50,000 or Less By: Anthony LaNasa The Treasury and U.S. Small Business Administration (SBA) released a new, simplified application this week, for Paycheck Protection Program (PPP) borrowers who took loans of $50,000 or less. A new […]
PPP Loan Forgiveness Updates By: Anthony LaNasa The U.S. Small Business Administration (SBA) and the US Treasury answered additional questions this week, related to forgiveness of Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL). […]
PPP Loan Forgiveness Update By: Anthony LaNasa Take Your Time Although Paycheck Protection Program (PPP) Loan forgiveness is a hot topic on the minds of borrowers and the CPAs who advise them, experts are saying borrowers should […]
SBA Updates on PPP Loan Forgiveness By: Anthony LaNasa The U.S. Small Business Administration (SBA) released a new Interim Final Rule (IFR) which revises two previously-released IFRs. These IFRs deal with Paycheck Protection Program loan forgiveness and SBA loan […]
New PPP Loan Forgiveness Applications By: Anthony LaNasa The U.S. Small Business Administration (SBA) has released a revised Paycheck Protection Program (PPP) loan forgiveness application. In addition, there’s now a new EZ application for forgiveness of PPP loans […]
SBA Releases Guidance on Forgiveness of PPP Loans By: Anthony LaNasa On Friday, May 22, 2020, the SBA issued a long-overdue interim final rule providing guidance on how forgiveness will work for PPP loans. Below is a summary of how the […]
Don’t get shortchanged by a liquidating business By: Anthony LaNasa Several major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow suit. If you’re a creditor […]