The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
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TOPICS / COVID-19
Paycheck Protection Program
$10 billion from PPP pledged to lenders to underserved communities
Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.
PPP forgiveness guidance issued as Congress mulls changes
The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.
SBA releases PPP forgiveness form but AICPA urges more detail
An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
SBA allows increased PPP loans to partnerships, extends safe harbor to May 18
The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.
SBA provides safe harbor for PPP loans under $2 million
The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.
A tale of the PPP tape: Why relationship building matters
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.
AICPA, small business advocates call for clarity in PPP rules
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.
SBA extends safe harbor for returning PPP funds
The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
AICPA supports bill that would make PPP-funded expenses deductible
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.
SBA issues PPP guidance on laid-off employees who refuse to be rehired
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.
AICPA urges release of PPP loan forgiveness guidance
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.
AICPA challenging nondeductibility of PPP-related expenses
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.
SBA to accept PPP loans only from smallest lenders for 8 hours today
From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
AICPA makes PPP loan forgiveness recommendations
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).
How CPAs can help small businesses survive the pandemic
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.
SBA, Treasury ban use of RPA to submit PPP loans
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.
SBA addresses how to calculate PPP loans, other issues
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.
Quick relief with the CARES Act
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.
SBA warns that larger companies may not qualify for PPP loans
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.
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