Category: Coronavirus News

Paycheck Protection Program

TheĀ U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal on Jan. 11, 2021. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access exclusively to community financial institutions (CFIs) that typically serve […]

COVID Tax Relief

On Sunday, December 27, 2020, the President signed into law H.R. 133, an Act making consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief, and for other purposes. Key Tax & Accounting Provisions: The bill includes a provision that clarifies that expenses paid with forgiven Paycheck Protection Program […]

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PPP tax deductions

In May, the IRS released Notice 2020-32 announcing that businesses would not be able to deduct otherwise allowable expenses that were paid in connection with a forgiven Payroll Protection Program (PPP) loan. After this notice was released, additional questions remained. Mainly, would businesses be allowed to deduct PPP related expenses on 2020 tax returns if […]

In August, the American Institute of Certified Public Accountants (AICPA) issued a technical accounting guide that explains how lenders should report forgivable loans made under the Paycheck Protection Program (PPP). Here’s what banks and other financial institutions should know before they file their 2020 financial statements.