Archive for November 2020
Treasury Provides Guidance On Tax Ramifications of PPP Forgiveness
On November 19th, the US Treasury Department issued a Revenue Ruling 2020-27 reiterating that expenses paid with PPP (Paycheck Protection Program) Loan proceeds that are forgiven will not be tax deductible. Additionally, the Ruling clarifies the tax treatment for Companies that intend to apply for loan forgiveness in either 2020 or 2021. The Ruling states…
Read MoreSBA Simplifies PPP Loan Forgiveness for Loans Under $50,000
Last week the SBA issued additional guidance for Companies that received PPP loans of $50,000 or less, whereby they would no longer be subject to the penalty provisions of the forgiveness calculation for reductions in their FTE employee headcount as well as for salary and wage reductions for existing staff. This provides a substantial benefit…
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