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Archive for June 10th, 2020

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tzanata

Treasury, SBA Release PPP Loan Forgiveness Application

Treasury, SBA Release PPP Loan Forgiveness Application Treasury and the Small Business Administration (SBA) have worked together to release the Paycheck Protection Program (PPP) Loan Forgiveness Application. According to Treasury’s May 15 press release, the application and correlating instructions inform borrowers how to apply for forgiveness of PPP loans under the Coronavirus Aid, Relief, and […]

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dsager

Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak

Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak The IRS and the Employee Benefits Security Administration are extending certain timeframes during the Outbreak Period for group health plans, disability and other welfare plans, pension plans, and participants and beneficiaries of these plans during the COVID-19 National Emergency. […]

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wnaegele

IRS Releases Guidance Related to Loans Received from Paycheck Protection Program

IRS Releases Guidance Related to Loans Received from Paycheck Protection Program The IRS has provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. Act Sec. 1106(i) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) did not address whether generally allowable deductions such […]

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wnaegele

Paycheck Protection Program Flexibility Act of 2020

Paycheck Protection Program Flexibility Act of 2020 June 4, 2020 Dear Clients, Colleagues and Friends, Yesterday, the Senate unanimously passed H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. The bill must now be signed by the President to become law. Here are some of the key points of the bill: Borrowers now have […]

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