By Robert Jackson, CPA Tuesday, March 30, 2021 The President signed the Paycheck Protection Program (PPP) extension bill on Monday, just three days before the program was set to expire. The bill now gives borrowers until May 31st to apply for a first or second draw PPP loan. While the bill technically extends the program …
March 17, 2021 By Robert Jackson, CPA Some potential borrowers who thought they had until March 31st to apply for a first or second draw PPP loan are finding that their bank has stopped taking applications, or will stop in the coming days, short of the actual deadline. While legislation to extend the deadline through May …
By Robert Jackson, CPA March 13, 2021 By Robert Jackson, CPA On Thursday, the President signed the American Rescue Plan Act (ARPA) into law. While the act does not expressly focus on tax legislation, it does contain income tax and payroll tax provisions worth discussing. In addition to the highly publicized direct payments (recovery rebates) to many Americans, …
President Biden Signs the American Rescue Plan Act (ARPA) of 2021 Read More »
By Robert Jackson, CPA Thursday, March 4, 2021 The Biden administration released a statement last month indicating that there would be changes to the PPP loan program – which included an exclusive 14-day application window for businesses and certain nonprofits with less than 20 employees. Possibly the most anticipated change in that release – was …
By Robert Jackson, CPA Wednesday, March 3, 2021 Earlier this week, the IRS issued Notice 2021-20, which updates previously issued FAQs for the Employee Retention Credit (ERC). Updates were necessary due to the changes provided under the Consolidated Appropriations Act, which was signed into law back in late December. Among the 102 pages of text is a …
IRS Issues Notice 2021-20 Updating FAQs for the Employee Retention Credit Read More »
By Kathy Davis and Robert Jackson, CPA Thursday, January 14, 2021 On Monday of this week the SBA re-opened first draw PPP applications to Community Financial Institutions (which include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries) and second draw applications to those same lenders on Wednesday. Beginning tomorrow (Friday, …
By Kathy Davis and Robert Jackson, CPA The SBA has released the application for the Second Draw PPP loan, SBA Form 2483-SD. This second round is intended for those recipients that have experienced a significant decline in revenues in 2020. This round also offers further benefits to those in the restaurant industry, hotels and others …
Second Draw Paycheck Protection Program (PPP) Loans Read More »
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 …
