Congress Passes Appropriations Bill, Containing COVID-19 Relief Bill
(authored by RSM US LLP) Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders....
22 December, 2020
PPP Loan Tag
A business guide to the December coronavirus relief package
(authored by RSM US LLP) The package provides additional funding for the Paycheck Protection Program and allows certain borrowers to draw second round of PPP funding...
21 December, 2020
Congress passes law containing PPP tax fix; second-draw program
(authored by RSM US LLP) After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program....
21 December, 2020
Deductibility of PPP Loan Expenses
IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...
23 November, 2020
SBA Publishes Loan Necessity Questionnaire for PPP Borrowers
(authored by RSM US LLP) Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA....
02 November, 2020
Fraud Considerations in the Paycheck Protection Program
(authored by RSM US LLP) Given the lack of due diligence executed for each PPP application, it’s likely there will be a number of violations uncovered in the future....
21 October, 2020
Simpler PPP Forgiveness for Loans of $50,000 or Less
On October 8, 2020, The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or...
12 October, 2020
Oct PPP Loan Forgiveness Update
October 5, 2020 - The SBA’s PPP loan was likely a lifesaver to your business, and the next step is to apply for loan forgiveness with the bank that processed...
05 October, 2020