SBA Clarifies Due Date of PPP Forgiveness Applications

On October 13, the U.S. Small Business Administration (SBA) released clarifying guidance regarding the due date of forgiveness applications for loans issued via the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers an overview of the controversy surrounding the issue. Many borrowers were surprised to find that the PPP loan…

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SBA and Treasury Release New PPP Waiver

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. The agencies published a new interim final rule offering guidance for recipients of PPP loans equal to or less than $50,000 (“eligible…

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IRS Issues Guidance Regarding Payroll Tax Deferral

On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad…

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SBA and Treasury Release Additional PPP Guidance

On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two areas: owner-employee compensation and the eligibility of non-payroll costs. A recent article from the Journal of Accountancy offers a concise summation of the new regulations.…

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Presidential Memos Address Coronavirus Issues

Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. The four executive actions address the following areas: Unemployment…

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SBA Issues 23 New PPP FAQs

On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page. The SBA sorts the new loan forgiveness FAQs into the following four categories: General Guidance…

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IRS Publishes New Release Regarding Business Interest Expense Limitations

The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by…

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PPP Gets Five-Week Extension

On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available through…

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SBA Releases Guidance Regarding Early PPP Loan Forgiveness

On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the…

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Join the HRC Team

In early March 2020, the partner group of HRC came together to discuss something none of us in our time on planet earth had face before – a global pandemic. Big questions arose: How do we keep our employees safe? How do we keep our clients safe? How do we navigate a fully remote work…

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