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COVID-19 news and information

PPP application forms released

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

Date set for limited PPP reopening

The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.

New PPP guidance issued by SBA, Treasury

The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.

Guidance permits change in vehicle use valuation during pandemic

In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.

Tax season preview

COVID-19 relief measures confront return preparers with novel predicaments. [Updated with tax provisions from the Consolidated Appropriations Act, 2021, the COVID-19 relief package signed into law in late December 2020.]

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