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Author Archive for Wayne Naegele

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PPP Opens For All Participating Lenders

January 14, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced yesterday that they will re-open the Paycheck Protection Program (PPP) Loan portal to all participating PPP lenders to submit First Draw and Second Draw PPP Loan applications beginning Tuesday, January 19, 2021. The SBA […]

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New PPP Anticipated Start Date

January 8, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA) announced today that beginning on Monday, January 11, 2021, there will be a targeted rollout of a new round of Paycheck Protection Program (PPP) Loans. The new round will initially be made available exclusively for first-time borrowers who apply at community financial […]

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wnaegele

COVID-19 Relief Bill

December 22, 2020 Dear Clients, Colleagues and Friends, On Sunday night, it was announced that a deal was reached on a $900 billion COVID aid bill, which includes financial assistance and provisions for households and businesses. At the time of this email, the final version of the bill has passed in the House of Representatives […]

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PPP Loan Forgiveness and Deductions Update

November 23, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service has issued new guidance concerning the deductibility of expenses used to obtain Paycheck Protection Program (PPP) loan forgiveness. This new guidance is provided in Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The new guidance provides much needed clarity as to whether a PPP loan borrower’s decision […]

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wnaegele

PPP Loan Forgiveness Applications – Update

November 12, 2020 Dear Clients, Colleagues and Friends, Your Paycheck Protection Program (PPP) loan forgiveness strategy may impact your 2020 year-end tax planning. P&N is here to assist you in evaluating your specific circumstances so that you may make an informed decision regarding your PPP loan forgiveness application. PPP loan forgiveness applications are currently being […]

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wnaegele

Guidance Released on Employee Payroll Tax Deferral

Guidance Released on Employee Payroll Tax Deferral The Treasury and IRS have issued guidance on the recent order by President Trump to defer certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31, 2020. Under the guidance: the due date for the withholding and payment of the employee’s portion of […]

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wnaegele

PPP Forgiveness Application

October 5, 2020 Dear Clients, Colleagues and Friends, As you may be aware, many banks and lenders have released their applications for PPP loan forgiveness. At this time, we recommend holding off on submitting forgiveness applications until at least November, as further modifications to the application and lender processes are expected. We will share significant […]

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wnaegele

PPP Forgiveness Application Update

August 31, 2020 Dear Clients, Colleagues and Friends, After a fast-paced roll out followed by subsequent sets of modifications to COVID-19-related government legislation and assistance programs, such as the PPP & EIDL, there has been a lull in significant updates for the past several weeks. Although these changes appear to be leveling off, we have […]

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wnaegele

Congress Extends PPP Application Deadline to August 8th

Congress Extends PPP Application Deadline to August 8th July 2, 2020 Dear Clients, Colleagues and Friends, On Wednesday, The U.S. House of Representatives unanimously voted to extend the Paycheck Protection Program (PPP) application deadline from June 30, 2020 until August 8, 2020. The extension is welcomed news for small businesses who have not yet applied […]

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wnaegele

PPP Loan Forgiveness Application Changes and New EZ Form

PPP Loan Forgiveness Application Changes and New EZ Form June 25, 2020 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration has released an updated loan forgiveness application and instructions for Paycheck Protection Program loans. There is now a shorter, simplified “EZ” application that borrowers may qualify to use. Here are some key highlights […]

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