After months of negotiations, the U.S. House of Representatives and the U.S. Senate voted last night to approve a new stimulus package, as part of a larger $2.3 trillion appropriations bill to fund the Federal Government for fiscal year 2021. The new stimulus package will provide much-needed relief … [Read more...] about Congress Approves New Coronavirus Stimulus Package
Stay up-to-date on all the changes that took place during 2020 with our year-end accounting and tax update webinars, plus a special Covid-19-related update webinar. Register below! Covid-19 Year-End Update Year-end update on PPP, the latest on loan forgiveness, and other Covid-19 … [Read more...] about Register Today for December Webinars!
Updates December 1, 2020 | The U.S. Small Business Administration (SBA) released detailed PPP and EIDL borrower information for all loans pursuant to a court order, after a Federal judge lifted the temporary stay it granted the SBA in November, after the agency lost a FOIA case brought by various … [Read more...] about Federal Judge Orders SBA to Release Detailed Borrower Information
On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service ("IRS") issued new guidance clarifying the income tax treatment of expenses, when a Paycheck Protection Program ("PPP") loan has not been forgiven by the end of 2020. This guidance provides additional clarification … [Read more...] about IRS Issues New Guidance on Non-deductibility of PPP-related Expenses
On October 8, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-fifth Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules. This Interim Final Rule supplements previously posted interim final rules for the Paycheck … [Read more...] about SBA Simplifies Forgiveness for Borrowers with PPP Loans of $50,000 or Less
On October 2, 2020, the U.S. Small Business Administration ("SBA") issued Procedural Notice No. 5000-20057 to provide information concerning the required procedures related to changes of ownership of an entity that has received Paycheck Protection Program ("PPP") funds. This is one of a number of … [Read more...] about SBA Issues Guidance on PPP Loans and Changes of Ownership