July 6, 2020
Paycheck Protection Program Extended to August 8
President Trump has signed into law an extension of the Paycheck Protection Program.
June 26, 2020
Small Businesses Still Have Time to Receive PPP Funds
The program is set to close on June 30, so there are only a few days left in the program. With billions of dollars still available, this is a unique opportunity for small businesses to access funding that has the opportunity to be completely forgiven.
June 25, 2020
With July 15 Deadline Approaching, 37% of Taxpayers Can’t Pay Because of Covid
A majority of taxpayers (61%) are deeply concerned that the financial impacts of COVID-19 may force them into tax debt, adding to the $131 billion already owed to the IRS by 14 million Americans.
May 12, 2020
SBA Must Issue More Clear Guidance on PPP Loan Forgiveness, Say Business Groups
Policymakers need to remain focused on the PPP’s original purpose -- to ensure businesses have the financial resources necessary to keep employees paid while government-mandated stay-at-home orders remain in place.
May 7, 2020
Loan Forgiveness Rules Under the Paycheck Protection Program and Next Steps
You already play a key role in advising your clients on their taxes, so spend the extra time to advise on how to keep track of their PPP loans. Spending time on the front end setting up the recordkeeping and processes will save a lot of time in the ...
May 5, 2020
Most PPP Applicants Still Face Uncertainty on Loans
As the second round of funding for the Paycheck Protection Program (PPP) became available on April 27, 62 percent of PPP loan applicants were still waiting for funding or approval, according to new research from Paychex, Inc.
May 3, 2020
Businesses with Forgiven PPP Loans Will Lose Tax Deductions
Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.
May 1, 2020
Guidance Needed on PPP Loan Forgiveness Calculation, Says AICPA
The nation’s 44,000 CPA firms have quickly mobilized to get PPP funds into the hands of small businesses, however they and their clients say that the lack of guidance makes it difficult for them to make critical decisions on important matters, such as ...
April 29, 2020
AICPA Suggests Conditions for PPP Loan Forgiveness
The recommendations were made in consultation with an AICPA-led small business funding coalition, CPA firms and other key stakeholders. They build on previous guidelines the AICPA has provided to help bring clarity to the implementation of the PPP.
April 24, 2020
PPP Refilled with $320 Billion as New $484 Billion Coronavirus Relief Bill Signed into Law
The final bill includes $320 billion to make new loans under the Paycheck Protection Program, which provides forgivable loans to small business that keep employees on the payroll for eight weeks. The measure includes $60 billion in EIDL.
April 23, 2020
AICPA Wants Accounting Firms Recognized in Coronavirus PPP Application Process
The AICPA, after discussions with its coalition partners, and key banking leaders and stakeholders, is working to drive a common understanding and approach around the firm – lender relationship related to the implementation of the PPP.
April 17, 2020
IRS Offers Guidance on Paid Sick Leave and Family Leave During Coronavirus
The FFCRA covers the costs of this paid leave by providing small businesses with refundable tax credits. Certain self-employed individuals in similar circumstances are entitled to similar credits.