BEWARE – COVID-related text message scam

If you receive a text letting you know you “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to accept this payment …” – BEWARE - a fraudster is attempting to get your bank account information.  Do no click on the link, and do [...]

By |2020-12-08T14:05:50-06:00December 8th, 2020|COVID-19, General|Comments Off on BEWARE – COVID-related text message scam

IRS Disallows 2020 Expenses for PPP Loans Forgiven in 2021

As with much of what has been issued regarding PPP loans and ever-changing guidance, the following analysis of deductibility is subject to legislative change.  At the end of April, the IRS issued guidance precluding deductions for expenses paid with PPP funds.  The Small Business Expense Protection Act would reverse that and allow the expenses to [...]

By |2020-11-23T12:19:00-06:00November 23rd, 2020|COVID-19, Tax|Comments Off on IRS Disallows 2020 Expenses for PPP Loans Forgiven in 2021

Pandemic Economic Decision Making

In March, I wrote an article posted on the MWB blog and in our previous newsletter, titled “Business Response in Times of Crisis.”  COVID had just recently been officially labeled a ‘global pandemic’ and we were all learning phrases and acronyms such as ‘flatten the curve’ and PPE” (personal protective equipment) – not to be [...]

By |2020-11-20T10:19:37-06:00November 20th, 2020|COVID-19, General|Comments Off on Pandemic Economic Decision Making

SBA issues 23 FAQs on PPP Loan Forgiveness

In anticipation of PPP borrowers beginning to file applications for PPP loan forgiveness, the SBA issued 23 new FAQs. While they do not cover all needed guidance, answers were provided in the following categories: General Payroll costs Nonpayroll costs Wage and headcount reductions Meanwhile, legislation has been introduced to expand and extend the PPP loans. [...]

By |2020-08-06T15:49:01-06:00August 6th, 2020|COVID-19, Tax|Comments Off on SBA issues 23 FAQs on PPP Loan Forgiveness

PPP Loan Application Deadline Extended Until August 8, 2020

Congress extended the Paycheck Protection Program (PPP) loan application deadline from June 30, 2020 until August 8, 2020.  PPP loans are potentially forgivable loans designed to provide businesses with funds primarily to cover payroll costs during the 24 weeks following the loan (originally 8 weeks, but the program has been revised numerous times since its [...]

By |2020-07-02T14:41:15-06:00July 2nd, 2020|COVID-19, Tax|Comments Off on PPP Loan Application Deadline Extended Until August 8, 2020

SBA issues REVISED PPP Loan Forgiveness Application

On June 16th, the SBA issued the REVISED Paycheck Protection Program (PPP) Loan Forgiveness Application and a new EZ Forgiveness Application.  Generally, a borrower can apply to have PPP Loan amounts forgiven related to certain payroll and non-payroll costs paid during the “covered” period (generally either 24 weeks, or, if the loan was made before [...]

By |2020-06-17T14:46:47-06:00June 17th, 2020|COVID-19, Tax|Comments Off on SBA issues REVISED PPP Loan Forgiveness Application

Expect Changes & Flexibility to the Paycheck Protection Program

Wednesday evening, June 3rd, the Senate passed the House’s version of Paycheck Protection Program Flexibility Act of 2020 and now awaits President Trump’s signature.   The bill passed unanimously Wednesday evening in the Senate and 471-1 last week in the House.  Designed to make it easier for borrowers to get full, or almost full, forgiveness, the [...]

By |2020-06-09T09:22:51-06:00June 4th, 2020|COVID-19, Tax|Comments Off on Expect Changes & Flexibility to the Paycheck Protection Program

Accounting in the Time of COVID-19

Amidst the chaos created by the COVID-19 pandemic, much of corporate America has been concentrating on how to obtain Paycheck Protection Program (PPP) funds, and then making sure they are adhering to the ever-changing rules on forgiveness. For these companies, a key question is now – how do we account for these funds?   Accounting [...]

By |2020-06-03T13:02:53-06:00June 3rd, 2020|COVID-19, Tax|Comments Off on Accounting in the Time of COVID-19

Congress Likely to Extend Time Period for PPP Eligible Expenses

On May 28, 2020, the House of Representatives passed the Paycheck Protection Program Flexibility Act, nearly unanimously (417-1). Most importantly this bill would extend the forgiveness period for PPP funds from 8 weeks to 24 weeks. Though the final time period is unknown, it appears very likely that the Senate will take up legislation that [...]

By |2020-05-29T14:25:11-06:00May 29th, 2020|COVID-19, Tax|Comments Off on Congress Likely to Extend Time Period for PPP Eligible Expenses

SBA issues PPP Loan Forgiveness Application

On May 15th the SBA issued the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions.  This provides the forms borrowers need to apply for forgiveness of their PPP loans as well as the documentation lenders are required to collect from borrowers.  Generally, a borrower can apply to have certain payroll and nonpayroll costs forgiven [...]

By |2020-05-16T20:55:12-06:00May 16th, 2020|COVID-19|Comments Off on SBA issues PPP Loan Forgiveness Application
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