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 »
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 …
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 …
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 …
August 5, 2020 On August 4th, SBA released guidance regarding the Paycheck Protection Program (PPP) loan forgiveness. Critical takeaways include: General No payments on PPP loans are required until the forgiveness amount is known and submitted to the lender by the SBA. Interest accrues at 1% from the date of loan disbursement on any unforgiven …
July 27, 2020 COVID-19 Response Team All Providers – HHS Releases Timeline for Provider Relief Fund Reporting HHS will issue the detailed instructions on reporting obligations by August 17, 2020 but in the interim is making all practices aware of the Post-Payment Reporting Requirements. Your practice is subject to these requirements if it received more …
All Providers – HHS Releases Timeline for Provider Relief Fund Reporting Read More »
June 25, 2020 The latest from the HHS website for Medicaid and CHIP providers: Medicaid and CHIP Distribution HHS expects to distribute $15 billion to eligible providers that participate in state Medicaid/CHIP programs or Medicaid managed care plans and have not yet received a payment from the Provider Relief Fund General Distribution allocation. How are …
