SBA looks at ‘totality’ of borrower’s circumstances when determining need

The Small Business Administration has provided more clarity on the information requested of some PPP loan borrowers in a Loan Necessity Questionnaire. The SBA released this month PPP FAQ 53, which clarifies that the information provided on the questionnaire will help the SBA assess whether PPP loan borrowers’ certification – as required by the CARES […]

Congress passes Paycheck Protection Flexibility Act

Changes are now underway for the Paycheck Protection Program, altering criteria for business owners to be eligible for loan forgiveness. The Paycheck Protection Flexibility Act makes a number of retroactive improvements to the PPP forgiveness criteria, including extending the time borrowers have to spend the funds, increasing the percentage of loan funds allowed to be […]

CARES Act changes how business losses are treated

In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]

April 15 tax payment deadline extended

Treasury Secretary Steven Mnuchin announced that individuals can defer tax payments up to $1 million and corporations can defer tax payments up to $10 million for 90 days. The $1 million limit for individuals was established to cover small businesses and pass-through entities. The payment deadline extension is in response to the COVID-19 outbreak. At the time […]