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Blogging Beyond the Numbers

Posted by: Kate Serpe 59 mins ago
The SBA released revised PPP Loan Forgiveness Application Form 3508S late Tuesday night.  This form was revised to now be applicable for borrowers that received $150,000 or less from either a first draw or a second draw PPP loan.  Form 3508S was originally only available to those borrowers who received $50,000 or less in PPP funding.  The new form is one page in length and requires the borrower to list ...
Posted by: Kate Serpe 2 days ago
The SBA provided clarifying documentation on January 19th in the form of FAQs regarding calculating the maximum second draw amount, definition of gross receipts for for-profit and not-for-profit organizations and documentation required.  Highlights include: Definition of gross receipts for non-profits is defined as the following:Gross amount received as contributions, gifts, grants, and similar amounts...
Posted by: Kate Serpe 1 week ago
Are you currently banking with a Community Financial Institution (CFI)?  If so, you may be able to apply for a PPP2 first draw loan as early as today!  The SBA has re-opened the PPP loan portal to these smallest lenders to help businesses that are looking to apply for a PPP loan for the first time starting today.  If you are looking for a second draw loan and work with a CFI, the portal will...
Posted by: Kent Collier 2 weeks ago
Many of you have read our recent blog regarding the position taken by the IRS on the deductibility of PPP covered expenses. In IRS Revenue Ruling 2020-27 issued in the fall, the IRS indicated that those covered expenses typically would not be deductible. However, the recently signed COVID-19 Relief Act overrides that Revenue Ruling and provides that the expenses are deductible even though the loan proceeds...
Posted by: Kate Serpe 2 weeks ago
On December 27, 2020, the Consolidated Appropriations Act was signed into law.  This new bill included a $900 billion stimulus package that allocated an additional $284.5 billion to the Paycheck Protection Program (PPP).  Highlights of this new round of PPP funding and new guidance include: Expenses related to the PPP loan and forgiveness are tax deductible.$35 billion is available for firs...
Posted by: Mike Scholz 4 weeks ago
On December 22, Congress passed the Consolidated Appropriations Act, 2021 (the “Act”).  The Act serves as a vehicle to provide pandemic relief as well as to fund government operations through the fiscal year.   The Act is best categorized as three bills in one huge package: Stimulus Relief (i.e., another rebate, PPP Round 2 and unemployment insurance)Tax Extenders andSpending Appro...
Posted by: Kate Serpe 2 months ago
SBA Releases Names of All PPP and EIDL Recipients On Tuesday evening, the SBA released the names of the remaining recipients of the Paycheck Protection Program (PPP) along with the recipients of loans through the Economic Injury Disaster Loan (EIDL) program that were funded by the CARES Act.  In early July, the names, demographic information, and loan amount range of PPP recipients that had borrowe...
Posted by: Kent Collier 2 months ago
Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck Protection Program (PPP), Congress specifically included language that PPP loan forgiveness would be excluded from gross income, thus creating an exemption for PPP loan forgiveness. Sounds good…so far. In May 2020, the IRS released Notice 2020-32. The IRS...