Coronavirus News

Self-employed PPP borrowers can use gross income, SBA rules

The SBA issued new rules that opens the door for larger loans to self-employed individuals.

Read more

Coronavirus News

SBA Re-Opens Paycheck Protection Program to Community Financial Institutions First

The SBA re-opened the PPP loan portal on Jan. 11, initially accepting First Draw PPP loan applications from participating CFIs. On Jan. 13, it opened for Second Draw PPP loans.

Read more

Coronavirus News

Consolidated Appropriations Act 2021

H.R. 133 makes consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief. Click the link to learn about the key tax and accounting provisions.

Read more

Coronavirus News

IRS denies 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 […]

Read more