By Robert Jackson, CPA December 22, 2020 Late last night the Senate overwhelmingly passed the long-awaited Covid-19 stimulus and funding package, preceded by a similar response in the House. The White House has indicated that the President will sign it. The package, which originally began as a funding bill, provides much needed relief to the …
COVID-19 STIMULUS BILL PASSED, PRESIDENT EXPECTED TO SIGN INTO LAW Read More »
By Robert Jackson, CPA December 15, 2020 As we approach the end of the year, we wanted to remind you that non-PPP loan payments made by the SBA pursuant to Section 1112 of the CARES Act are taxable. Borrowers should expect a Form 1099-MISC early in 2021. Section 1112 of the CARES Act required the SBA …
December 2, 2020 By Robert Jackson, CPA | COVID-19 Response Team Just before the Thanksgiving holiday, the SBA announced to lenders that the PPP Forgiveness Platform, which is available only to lenders, has been updated to include the new Loan Necessity Questionnaires (i.e. for loans of $ 2 million or more) that we discussed in …
November 20, 2020 By Kathy Davis, CPA, and Robert Jackson, CPA | COVID-19 Response Team Late Wednesday, November 18, 2020, the IRS issued Revenue Ruling 2020-27. The IRS is taking the position that expenses paid with Paycheck Protection Program (PPP) loans during the covered period are not deductible if, as of the end of the …
November 3, 2020 By Robert Jackson, CPA | COVID-19 Response Team Last week, the SBA announced that it will be issuing two new questionnaires for those borrowers who, together with their affiliates, received Paycheck Protection Program (PPP) loans of $ 2,000,000 or greater. The questionnaires are designed to help the SBA determine the extent of loan …
New SBA Qualification Questionnaire Requirement for PPP Loans in Excess of $2M Read More »
November 2, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team From the Federal Reserve website: The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to …
Tuesday, October 27, 2020 On Friday, October 23, 2020, Governor DeWine and the Ohio Development Services Agency announced two new COVID Relief grant programs for Ohio companies: Small Business Relief Grant Grant summary $10,000 Grant Accepting applications November 2, 2020 Eligible Businesses For-Profit Entity Employs at least 1 and no more than 25 Ohio Employees …
Monday, October, 12, 2020 Over this past weekend, the U.S. Small Business Administration (SBA) posted a new loan forgiveness form to the public for those who received a Paycheck Protection Program (PPP) loan of $50,000 or less. The new form, form 3508S, is much simpler than both the long form (form 3508) and the EZ form …
September 4, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team From The Federal Reserve Announcement Today: The Federal Reserve Bank of Boston on Friday announced that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by registered lenders. The Federal Reserve encourages registered …
Now Open for Nonprofits: Main Street Lending Program Accepting Submissions Read More »
September 2, 2020 GENERAL UNDERSTANDING What taxes are eligible for deferral under Notice 2020-65? The deferral applies only to an employee’s share of social security tax (6.2%), where the paycheck date is between September 1st, 2020, and December 31st, 2020, and the bi-weekly pay is less than $4,000. Who determines whether the employee portion of …
