4 03, 2021

SBA Issues New Guidelines for Calculating PPP Loans for Schedule C Taxpayers

By |2021-03-04T16:03:46+00:00March 4th, 2021|Blog, Covid-19|

On March 3, 2021, the SBA issued a new interim rule making changes to the PPP loan calculation methodology for IRS Form 1040, Schedule C (“Schedule C”) taxpayers. This change will allow qualifying Schedule C taxpayers (which includes independent contractors, sole proprietors, and self-employed individuals) to calculate their maximum loan amount using gross income. Prior

3 03, 2021

IRS Issues Updated Guidance for Claiming 2020 Employer Retention Credits

By |2021-03-03T18:12:16+00:00March 3rd, 2021|Blog, Covid-19|

On March 1, 2021, the IRS issued Notice 2021-20 “Guidance for Employers Claiming Employee Retention Credit Against Payroll Tax for 2020”. This guidance does not address changes made to the employer retention credits (“ERC”) for qualified wages paid after December 31, 2020. The IRS will address 2021 credits in future guidance. Background The Taxpayer

27 01, 2021

Changes to the Employee Retention Credit Greatly Expand Eligibility for Businesses

By |2021-01-27T17:30:33+00:00January 27th, 2021|Blog, Covid-19|

The recently passed Consolidated Appropriations Act (“CAA”) contains retroactive changes and expansions to the Employee Retention Credits (“ERC”) that make these previously underutilized tax credits now potentially very lucrative for many small businesses. As explained in more detail below, three main retroactive changes in the CAA making the ERC applicable to more small business are

13 01, 2021

New Paycheck Protection Program Guidance Released

By |2021-01-13T19:53:08+00:00January 13th, 2021|Blog, Covid-19|

On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim

23 12, 2020

Important Changes to PPP Loans and COVID-Relief Grants

By |2021-01-04T15:44:20+00:00December 23rd, 2020|Covid-19|

On December 21, 2020, Congress passed the “Consolidated Appropriations Act, 2021” (the “Act”) and it was signed by President Trump on Sunday, December 27th. This Act contains many important tax changes and updates for the Paycheck Protection Program (“PPP”) loans (see our article here for more details on the tax provisions of the Act). Updates to the

22 12, 2020

President Signs Coronavirus Relief Bill

By |2021-01-04T15:55:55+00:00December 22nd, 2020|Covid-19|

On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. The act was signed into law by President Trump on Sunday, December 27, 2020. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal

15 10, 2020

SBA and Treasury Release New PPP Waiver

By |2020-11-13T17:26:30+00:00October 15th, 2020|Blog, Covid-19|

On October 8, the U.S. Small Business Administration (SBA) and the Treasury announced the release of a simplified forgiveness process for Paycheck Protection Program (PPP) participants that received loans of $50,000 or less.

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