On December 27, 2020, the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law. This bill included many tax provisions and extensions of some expiring provisions. One being the retroactive provision of the Employee Retention Credit. This bill provides that employers who receive…
Tag: PPP Loans
PPP Round Two!
On December 27th, President Trump signed into law the long-awaited Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Act”) that includes: a second round of the Paycheck Protection Program loans (PPP), extensions on previously expiring provisions, expansions of eligible PPP expenses, deductibility of certain PPP related…
PPP Loan Forgiveness and Tax Impacts Planning
It’s time to check in on the PPP loan program! As a reminder, the PPP was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, which was signed into law on March 27. Now the year-end looms and you are eager to receive forgiveness; however, filing for and receiving forgiveness has an impact on…
Alert! Anticipated Major Changes to PPP Finally Here
The Paycheck Protection Program created by CARES has been a key piece of relief for businesses impacted by Covid-19. However, the SBA and Treasury’s 8-week limitation to use the funds and 75% requirement to spend the funds only on “payroll costs” (as defined) has caused unnecessary hardship for businesses already hurting and which are greatly in need of funds. Learn more here.