SBA Launches Paycheck Protection Program Direct Loan Forgiveness Portal
To streamline Paycheck Protection Program (PPP) loan f [...]
Keep on Top of PPP Review Prep, Even as Loan Necessity Questionnaire Is Retired
When the Paycheck Protection Program became a part of [...]
PPP Loan Payments Approaching for Certain Borrowers
If you received a PPP loan in 2020, you may soon need [...]
5 New PPP Changes from the White House
President Biden’s administration announced several chan [...]
If Seeking PPP Loan Forgiveness, Eligible PPP Expenses Are Not Deductible
Back in May, the IRS issued Notice 2020-32 which stated “no deduction would be allowed for an eligible expense that is otherwise deductible if the payment of the eligible expense results in forgiveness of the covered loan.” This triggered confusion among PPP borrowers, so in November, the IRS issued Revenue Ruling 2020-27 which indicates that because businesses aren't taxed on the proceeds of a forgiven PPP loan, PPP expenses are not deductible if used to obtain PPP loan forgiveness.
IRS Sets Limits on Expense Deductions for PPP Loan Forgiveness
Businesses that received loans through the Paycheck Protection Program (PPP) during the initial months of the pandemic are finding that certain expenses allocable to the forgiven PPP loan proceeds are not deductible.
SBA Simplifies the Loan Forgiveness Application, Introduces EZ Option
On the heels of congressional action that makes the Paycheck Protection Program (PPP) more flexible to use, the SBA and Treasury Department have unveiled a simplified full loan forgiveness application form along with an EZ version of the form.
