The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.
Paycheck Protection Program
In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.
Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.
Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.
In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.
President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.
New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.
Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.
Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.
With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.
New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
Accountants can play a role in making sure the money set aside to help small business goes to the right places.
The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.
Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.