By Robert Jackson, CPA December 15, 2020 As we approach the end of the year, we wanted to remind you that non-PPP loan payments made by the SBA pursuant to Section 1112 of the CARES Act are taxable. Borrowers should expect a Form 1099-MISC early in 2021. Section 1112 of the CARES Act required the SBA …
December 2, 2020 By Robert Jackson, CPA | COVID-19 Response Team Just before the Thanksgiving holiday, the SBA announced to lenders that the PPP Forgiveness Platform, which is available only to lenders, has been updated to include the new Loan Necessity Questionnaires (i.e. for loans of $ 2 million or more) that we discussed in …
November 20, 2020 By Kathy Davis, CPA, and Robert Jackson, CPA | COVID-19 Response Team Late Wednesday, November 18, 2020, the IRS issued Revenue Ruling 2020-27. The IRS is taking the position that expenses paid with Paycheck Protection Program (PPP) loans during the covered period are not deductible if, as of the end of the …
November 3, 2020 By Robert Jackson, CPA | COVID-19 Response Team Last week, the SBA announced that it will be issuing two new questionnaires for those borrowers who, together with their affiliates, received Paycheck Protection Program (PPP) loans of $ 2,000,000 or greater. The questionnaires are designed to help the SBA determine the extent of loan …
New SBA Qualification Questionnaire Requirement for PPP Loans in Excess of $2M Read More »
November 2, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team From the Federal Reserve website: The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to …
Tuesday, October 27, 2020 On Friday, October 23, 2020, Governor DeWine and the Ohio Development Services Agency announced two new COVID Relief grant programs for Ohio companies: Small Business Relief Grant Grant summary $10,000 Grant Accepting applications November 2, 2020 Eligible Businesses For-Profit Entity Employs at least 1 and no more than 25 Ohio Employees …
Monday, October, 12, 2020 Over this past weekend, the U.S. Small Business Administration (SBA) posted a new loan forgiveness form to the public for those who received a Paycheck Protection Program (PPP) loan of $50,000 or less. The new form, form 3508S, is much simpler than both the long form (form 3508) and the EZ form …
Hot off the press! We have a special episode this week with the latest news on the employee FICA deferment. Taylor Lorenz from AGP’s COVID-19 Response Team joined Chuck and Brittany just yesterday (9/8/20) to discuss the latest developments from the Presidential order, what employers need to do, what employees should know, and more. Taylor …
September 4, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team From The Federal Reserve Announcement Today: The Federal Reserve Bank of Boston on Friday announced that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by registered lenders. The Federal Reserve encourages registered …
Now Open for Nonprofits: Main Street Lending Program Accepting Submissions Read More »
It’s not if your company will have a crisis, it’s when. It’s the year 2020 – companies are facing concerns with COVID-19 (“What if an employee/customer/vendor/volunteer gets the virus?”), along with the liability that employees can be caught on camera at all hours displaying concerning behaviors that are not part of the company’s mission and …
