Highlights of New Federal Stimulus Package

As many of you have heard by now, last week Congress approved The Consolidated Appropriations Act, 2021  which provides emergency assistance and health care response for individuals, families and businesses as a result of the Coronavirus (COVID-19) pandemic. The Act expands the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security…

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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…

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SBA 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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HHS Announces Over $4 Billion in Additional Relief Payments to Healthcare Providers Impacted by the Coronavirus Pandemic

On July 10, 2020 the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced approximately $3 billion in funding to hospitals serving a large percentage of vulnerable populations on thin margins and approximately $1 billion to specialty rural hospitals, urban hospitals with certain rural Medicare designations, and hospitals in…

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SBA Releases Simplified PPP Forgiveness Application and Revised Standard Application While Providing Additional Guidance

PPP Loan Forgiveness Application Header

Last week the SBA issued a Simplified PPP Forgiveness Application, Form 3508 EZ, that streamlines the forgiveness process for certain applicants as well as provided additional guidance.Who is eligible to use Form 3508EZ? Self Employed Individuals and General Partners that did not include any employees in the Borrower Application Form that was submitted to the…

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Important Changes to Paycheck Protection Program

On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act Of 2020 into law thus allowing businesses a greater opportunity to use PPP funds received in conjunction with the progression of their activity. This change should increase one’s chances of allowing the loan to be completely forgiven. THE FOLLOWING ARE THE KEY PROVISIONS OF THE ACTExtension of Covered Period…

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PPP Loan Forgiveness Application

PPP Loan Forgiveness Application

The SBA has released their PPP Loan Forgiveness Application. Download the Application. We will be hosting a webinar on May 26th to answer your questions. If you are unable to attend, please contact us and we will be happy to assist you.

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