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PPP Expense Deductions & Latest COVID-19 Relief Bill

PPP Expense Deductions & Latest COVID-19 Relief Bill

On Monday night, right before the clock struck midnight the Senate finished a vote to approve a second major stimulus package, along with extending general government funding into the fall of 2021.
Congress passes law containing PPP tax fix; second-draw program

Congress passes law containing PPP tax fix; second-draw program

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill

Congress passes appropriations bill, containing COVID-19 relief bill

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Progress continues on PPP deductibility ‘fix’

Progress continues on PPP deductibility ‘fix’

Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs

PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs

The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs.
Accounting for PPP Loan Forgiveness

Accounting for PPP Loan Forgiveness

Recently the American Institute of Certified Public Accountants (AICPA) released guidance on accounting and financial reporting for the forgiveness of Paycheck Protection Program (PPP) loans acquired through the Small Business Administration (SBA) as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Paycheck Protection Flexibility Act Extends PPP Spending Deadline

Paycheck Protection Flexibility Act Extends PPP Spending Deadline

The PPP forgiveness rules continue to evolve. Wednesday night (June 3), the Senate voted unanimously to accept the legislation previously passed by the House, and President Trump is expected to sign soon.