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Coronavirus
A pile of American currency with a ripped piece of black paper on top with PPP Loan Round 2 written in white.
With the second round of Paycheck Protection Program (PPP2) loans moving toward the end of their covered periods, the Small Business Administration recently announced a new portal that will allow borrowers with loans of $150,000 or less to potentially apply for forgiveness directly rather than applying through their bank’s portal. According to the SBA’s announcement,...
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By Meg Hampton, CPA, MAcc With life beginning to return to some semblance of normalcy, small businesses and organizations that received stimulus money through 2020 and early 2021 are entering an important phase for recording and reporting on these federal and state funds. Recording complexities for stimulus payments—whether in the form of loans, grants or...
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The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 includes non-tax provisions and tax provisions primarily affecting individuals, as well as numerous business tax provisions briefly summarized in this article. The provisions are found in two...
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Changes made by the Consolidated Appropriation Act, 2021 (CAA, 2021) include a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Details Included in New Legislation In general, the ordinary and necessary food and beverage expenses of operating your business are...
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Just in time for Christmas, the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill that provides additional stimulus payments to individuals, extends further weekly unemployment benefits and expands government aid to small businesses. The bill extends relief through mid-March of 2021 with the goal of providing support to help individuals...
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Businesses and Non-Profits May Need to Complete New SBA Loan Necessity Questionnaire If your business or nonprofit borrowed $2 million or more under the Paycheck Protection Program (PPP), be aware that the Small Business Administration (SBA) has released a Loan Necessity Questionnaire that borrowers may be required to complete as part of the loan forgiveness...
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New Paycheck Protection Program (PPP) guidance was released last week by means of a 34-page interim final rule (IFR) issued in consultation with Treasury, in which the U.S. Small Business Administration (SBA) addresses a number of issues related to the PPP program. Most notably, the new guidance states that PPP recipients can apply for loan forgiveness before the...
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On June 8, 2020, the Federal Reserve Board announced the expanded Main Street Lending Program and its pending launch this week. The program offers favorable lending terms for small to mid-sized businesses to assist in financial hardships due to COVID-19 and the shutdown of much of the economy over the past few months. This program...
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Good news regarding the latest PPP legislative update!  Congress has passed and the President has signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. The Paycheck Protection Program Flexibility Act creates more flexibility for borrowers using PPP funds.  The bill extends the time period for businesses to use the funds from 8 to...
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U.S. Treasury and SBA released on May 13, 2020 the much-anticipated FAQ related to the “Economic Uncertainty” certification.  They previously posted this guidance was pending on May 5, 2020 and is critical in timing as they had specified a May 14, 2020 compliance deadline. A link for the full FAQ is included at the end....
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