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PPP Forgiveness

SBA Continues Gradual Re-Opening of PPP Program

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, …

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Second Draw Paycheck Protection Program (PPP) Loans

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 …

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COVID-19 STIMULUS BILL PASSED, PRESIDENT EXPECTED TO SIGN INTO LAW

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 …

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SBA Updates Forgiveness Process

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 …

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New SBA Qualification Questionnaire Requirement for PPP Loans in Excess of $2M

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 …

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IRS Issues Guidance to Implement Presidential Memorandum Deferring Employee Social Security Tax Withholding

August 31, 2020 Earlier this month the President issued an order to the Secretary of the Treasury directing the Secretary to postpone the collection of the employee’s share of social security tax for certain wages. Specifically, the order provided that the collection of the social security taxes for wages paid between September 1, 2020 and December 31, 2020 …

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SBA issues Interim Final Rule (IFR) relating to less than 5% owners, rent paid to related parties and certain nonpayroll costs.

August 24, 2020 Owner-employees with < 5% interest Owner-employees of an S or C corporation with less than a 5% interest are not subject to the owner-employee compensation rule. Eligibility of amounts attributable to business operation of tenant or sub-tenant or household expenses eligible for forgiveness? No. Nonpayroll costs may not include any amounts attributable …

SBA issues Interim Final Rule (IFR) relating to less than 5% owners, rent paid to related parties and certain nonpayroll costs. Read More »