SBA Provides Safe Harbor for PPP Loans Under $2 Million
The U.S. Small Business Administration recently posted guidance regarding the required certification concerning the necessity of Paycheck Protection Program loan requests.
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SBA Issues PPP Guidance on Laid-off Employees Who Refuse to be Rehired
The Small Business Administration recently issued guidance stating businesses that received Paycheck Protection Program loans can exclude laid-off employees from loan forgiveness reduction calculations if the employee turns down a written offer to be rehired for the same salary/wages and number of hours as before.
View MoreIRS Releases Guidance on Non-Deductibility of PPP-Related Expenses
The IRS recently released guidance via Notice 2020-32 stating taxpayers that receive a loan through the PPP can’t deduct expenses that are normally deductible if those expenses were reimbursed by a PPP loan that was subsequently forgiven.
View MoreSBA to Accept PPP Loans Only from Smallest Lenders for Eight Hours Today
In an effort to make Paycheck Protection Program loans more accessible to small businesses, the Small Business Administration will allow the smallest lenders and their small business clients an exclusive opportunity to submit applications from 4 p.m. to 11:59 p.m. ET today, Wednesday, April 29.
View MoreSmall Business Administration Issues Additional Guidance for Paycheck Protection Program
The Small Business Administration recently issued additional guidance for the Paycheck Protection Program, specifically addressing how self-employed and partner income should be included in the loan application.
View MorePaycheck Protection Program Frequently Asked Questions Now Published
Recently the U.S. Department of the Treasury and the Small Business Administration published an online FAQs on the Paycheck Protection Program, the $349 billion small business relief program that is part of the Coronavirus Aid, Relief, and Economic Security Act.
View MorePaycheck Protection Program Applications for Small Business Opens April 3
Under the federal Paycheck Protection Program (PPP), small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans beginning Friday.
View MoreTennessee Department of Revenue Extends Business Tax Filing and Payment Date
The Tennessee Department of Revenue issued Notice #20-07, extending the due date for filing and paying the Business Tax from April 15, 2020 to June 15, 2020.
View MoreTreasury, IRS and Labor Announce Plan for Coronavirus-Related Paid Leave and Tax Credits
The U.S. Treasury Department, the IRS and the U.S. Department of Labor recently announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them for the cost of providing coronavirus-related leave to their employees.
View MoreIRS States High-Deductible Health Plans Can Cover Coronavirus Costs
The IRS recently stated that high-deductible health plans can pay for 2019 Novel Coronavirus-related testing and treatment without jeopardizing their status.
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