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AICPA Says Treasury and SBA PPP Loan Forgiveness Application Leaves Many Questions
On May 16, 2020, the AICPA responded to the release by SBA and Treasury on May 15, 2020 of the PPP Loan Forgiveness Application, with instructions for the calculations, stating…
PPP Loan Forgiveness Application – Released 5-15-20
On May 15, 2020, SBA and Treasury released the initial version of the PPP Loan Forgiveness Application, with calculations to request forgiveness of part or all of the original PPP…
Paycheck Protection Program: FAQ’s Updated 5-19-20 by SBA
As of May 19, 2020, SBA and Treasury have updated their FAQ’s to clarify the PPP Loan Forgiveness application and calculations HERE.
Montgomery County Public Health Emergency Grant (PHEG) Program
Due to the overwhelming response to the Public Health Emergency Grant (PHEG) program, applications will no longer be accepted after 5 pm on Saturday, April 25, 2020. he Montgomery County…
Repeal of Taxable Income Limitation for Net Operating Losses (NOLs)
The CARES Act temporarily removes the taxable income limitation to allow an NOL carryforward to fully offset income. For tax years beginning before 2021, taxpayers can take an NOL deduction…
IRS FAQ’s for “Economic Impact Payments” Updated on “Get My Payment” Website
Go to the recently updated IRS web page “Get My Payment Frequently Asked Questions” which provides information about the payment of the economic impact payment (EIP) under the Coronavirus Aid,…
Paycheck Protection Program: FAQ’s Updated 4-23-20 by SBA
Borrowers and lenders may rely on the guidance provided in this FAQ Document, Updated on April 23, 2020, as SBA’s interpretation of the CARES Act and of the Paycheck Protection…
The Paycheck Protection Program and Health Care Enhancement Act
The “Paycheck Protection Program and Health Care Enhancement Act,” was signed by President Trump on Friday, April 24, 2020, after being passed by the House and Senate earlier in the…