The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.
Paycheck Protection Program
The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.
The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.
The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.
The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).
Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat.
Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.
Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.
Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act's provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.
New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.
The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.
The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.
The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.
The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.
The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.
The US Small Business Administration issued guidance for independent contractors, sole proprietors and others with self-employment income to apply for forgivable loans under the $349 billion Paycheck Protection Program.