Paycheck Protection Program

Letters sent to reps ask for extensive information on why they applied for a loan, how funds were received and used, and all compensation under the federal program.

The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation.

The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.

The Internal Revenue Service and the Treasury Department released guidance on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven.

A critical PPP deduction, tax extenders, business meal deductions and more are among the critical points.

The program should do more to help the economy adapt to post-virus realities, writes economist Michael R. Strain.

The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.

The decisions clients make now can play a significant role in how much will be forgiven.

The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

The firm determined that the staffers defrauded the SBA “by making false representations in applying for coronavirus relief funds for themselves.”

The agency has 90 days to review files and reach decisions.

The U.S. Small Business Administration has posted rules about how businesses who have been turned down for forgiveness of their Paycheck Protection Program loans can appeal the decision.

The extension to Aug. 8 was offered by Sen. Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

Tax pros share what they’re telling clients about relief for the jobless during the pandemic.

The Small Business Administration and the Treasury Department unveiled a simpler loan forgiveness application for the Paycheck Protection Program to reflect changes under the PPP Forgiveness Act.

Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

The SBA’s form clarifies some issues, but still leaves questions to be answered.

The latest version supplements the previously posted rules in order to help borrowers submit their loan forgiveness applications as provided under the CARES Act.