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Application dates for second round of PPP funding announced

January 18, 2021

The U.S. Small Business Administration (SBA) and Treasury has announced that lenders with $1 billion or less in assets will be able to open applications for the next round of Paycheck Protection Program (PPP) funding starting Friday, Jan. 15 at 9 a.m.…

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Treasury issues interim final rules on updated PPP guidance

January 8, 2021

Two new interim final rules for the Paycheck Protection Program (PPP) have been released from the Small Business Administration (SBA) and Treasury in response to the changes and second round of funding enacted by the…

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Congress passes second Coronavirus relief bill, includes new funding and updates to PPP

December 22, 2020

The U.S. House of Representatives and U.S. Senate have passed the¬†Coronavirus Response & Relief Supplemental Appropriations Act, and President Trump has signed the bill. The agreement comes after weeks of negotiations and two funding extensions…

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The top 5 things contractors need to know about the PPP necessity form

December 10, 2020

As millions of Paycheck Protection Program (PPP) borrowers begin to fill out their loan forgiveness applications, another form is looming on the horizon. Protection of taxpayer resources and program integrity has been a focus for the Small Business Administration…

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How construction firms can prepare for cash flow challenges in 2021

December 10, 2020

The construction industry has faced unique and varying challenges a result of the coronavirus pandemic, but the restarting of projects and improved processes have put the industry on more comfortable ground to close out 2020. However, keep a…

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Guidance issued on deductibility of expenses with a PPP loan

November 19, 2020

On Nov. 18, the IRS and Treasury issued Revenue Ruling 2020-27 which provides long-awaited guidance on the tax treatment of expenses related to Paycheck Protection Program (PPP) loans. The guidance states that the expenses listed in section 1106(b) of the…

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2020 tax planning considerations for businesses, individuals

November 13, 2020

 This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted…

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Tax planning considerations: Election results, sunset provisions

November 13, 2020

According to news outlets, as of this writing, Joe Biden has been named the president-elect of the U.S. Vote counting is still ongoing and election results have not yet been certified, but this news may…

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Understanding the 3 PPP forgiveness applications: Which one to use

November 5, 2020

The Paycheck Protection Program (PPP) from the Small Business Administration (SBA) and Treasury has had many updates over the past few months including changes to timelines and forgiveness applications. Among these changes was the introduction…

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House, Senate approve 5-week PPP loan application extension

July 2, 2020

The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks in an effort to continue providing relief for small businesses hit hard by the…

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