How does the American Rescue Plan help restaurant owners?
The latest Covid-relief bill – the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) – was signed into law by President Biden, and it provides several provisions specifically beneficial to restaurant owners and to small business owners and individuals in general. Much of the ARPA extends and expands on the provisions from earlier Covid-relief […]
State laws differ in treatment of PPP loan expenses
Business owners sighed with relief when Congress approved the Consolidated Appropriations Act of 2021 allowing for PPP loan expenses to be deducted on federal taxes. It’s important to remember, though, that states pass their own tax laws – some of which may or may not conform to the federal tax laws. For instance, South Carolina […]
Time to begin process to report Provider Relief Funds
Healthcare providers who received more than $10,000 in federal Provider Relief Funds through the CARES Act will have a little longer to report how those funds were used but should still go ahead and establish a reporting account. The U.S. Department of Health and Human Services announced this month that the February 15, 2021, deadline […]
What’s in the Covid relief bill: Recovery rebates, extended unemployment and more
The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, the CAA contains another round of direct payments to individuals, extended unemployment insurance and […]
What’s in the Covid relief bill: PPP Provisions
The latest Covid-19 relief bill, the Consolidated Appropriations Act of 2021, provides more funding for new Paycheck Protection Program loans, simplifies the forgiveness application process and allows tax deductibility for business expenses paid with forgiven PPP loans, among other provisions. Included in the $900 billion Covid relief bill is $325 billion in aid for small […]
Coronavirus Relief Package allows PPP expense deduction
Congress has agreed to a deal to provide more aid to businesses and individuals as a result of the ongoing coronavirus pandemic. As of this writing, the package has not been formally approved, but one of the most significant provisions for business owners is that eligible expenses used with forgiven Paycheck Protection Program funds would […]
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 […]
IRS clarifies position on PPP loan expenses
Please remember: Covid-19 pandemic is an unprecedented event and the PPP loans are a unique response to this crisis. Therefore, there is no prior precedent for taxability and the IRS is establishing its rationale for its decision. The IRS has issued a ruling this week that clarifies its position that expenses paid with PPP loan funds will […]
SBA issues necessity questionnaire for PPP loans of $2 million or more
The Small Business Administration has issued a necessity questionnaire that must be completed by businesses who received a PPP loan of $2 million or more. Borrowers must complete the questionnaire and provide the supporting documents to the lender servicing the loan within 10 days of receiving from their lender. We will provide more information to […]
Webinar: Unpacking the latest in PPP Loan Forgiveness
We are entering the final stretches of completing applications for Paycheck Protection Program loan forgiveness, and we are offering a webinar to McDonald’s owner/operators to provide some updates on the process and what to expect. Since the PPP loans were introduced in the spring, there have been changes and clarification over the months to forgiveness and […]