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PPP loans

In need of another PPP loan for your small business?

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA)…
COVID-19 relief bill

New COVID-19 relief bill makes favorable tax breaks

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations…
Covid-19 Relief Bill

The Covid-19 Relief Bill, the End-of-Year Gift From Congress

On December 27, 2020 President Trump approved the $900 billion Covid-19 Relief Bill. The bill could significantly reduce your 2020 taxes and provide additional relief in 2021. The key provisions of the legislation as we understand them are below.…
track payroll

Now more than ever, carefully track payroll records

The subject of payroll records has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off,…
loan forgiveness applications

Loan Forgiveness Applications Start August 10, 2020

The Small Business Administration (SBA) has recently told lenders they will start accepting Paycheck Protection Program (PPP) loan forgiveness applications starting August 10, 2020. The SBA had originally stated that borrowers could apply for…
PPP Flexibility Act

PPP Flexibility Act eases rules for borrowers

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus…
paycheck protection program

Changes Coming to the Paycheck Protection Program

On Wednesday night, the U.S. Senate passed The House bill called the Paycheck Protection Flexibility Act and sent it to President Trump, who is expected to sign it. This bill changes things on the Paycheck Protection Program. Here is a summary…
loan forgiveness applications

Get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results…
Main Street Lending Program

Updates on the Main Street Lending Program

The Federal Reserve on April 30th released additional guidance and Main Street Lending Program updates. The program has changed since the last blog posted on April 21st. Here are the new details: “To implement the Program, the Federal…