PPP Forgiveness: Dramatic Changes This Week

On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the Act). The bill, which is expected to be signed into law soon, makes significant changes to the Paycheck Protection Program (PPP). Those involved with the PPP have had to deal with significant delays in awaiting vital guidance from the…

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PPP Loan Forgiveness: The Two New Interim Final Rules & What’s Next for Borrowers

On May 22nd, the Small Business Administration (SBA) issued the fourteenth and fifteenth Interim Final Rules, which add to what is known about Paycheck Protection Program (PPP) loan forgiveness and the SBA and lender review process. The fourteenth Interim Final Rule, “Requirements – Loan Forgiveness” focuses on, as the name suggests loan forgiveness, and the…

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Have You Considered the Employee Retention Credit?

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit. The Employee Retention Credit (ERC) may offer a tax credit up to $5,000 per employee for wages paid from March 13 to December 31, 2020. It’s one of the relief programs within the Coronavirus…

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IRS Increases Health FSA Carryforward Limit and Cafeteria Plan Flexibility

In response to the changes caused by COVID-19, the IRS has provided additional flexibility for health flexible spending accounts (FSA’s), dependent care assistance programs, and employer health plans. Many employees take advantage of these programs (collectively known as “cafeteria plans”) to set aside pre-tax money for medical and dependent care expenses. However, decisions regarding these…

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SBA Issues PPP Loan Forgiveness Guidance

Click here for the Paycheck Protection Program – Loan Forgiveness Application The Small Business Administration (SBA) has issued the first major source of guidance surrounding Paycheck Protection Program (PPP) loan forgiveness via their Paycheck Protection Program Loan Forgiveness Application. The PPP provides funds to eligible borrowers in the form of loans, which are up to…

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Stimulus Payments to Deceased Taxpayers

As taxpayers receive their stimulus payments under the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act), there may also be surprise and confusion along with it. In recent days and weeks, people have taken to social media with stories of deceased relatives receiving a stimulus payment. As can be expected, people are…

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How to Change the Application of Your 2019 Tax Overpayment

As the COVID-19 situation continues to develop, taxpayers who filed returns early in tax season and applied a 2019 overpayment to their 2020 tax return may find themselves rethinking that decision. These taxpayers may now be facing financial hardships that would be alleviated if they had the money refunded and may also be realizing that…

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Safe Harbor Deadline for Repayment of PPP Loans Extended to May 14

The Paycheck Protection Program Loans Frequently Asked Questions (FAQs) (updated May 5, 2020) to include FAQ #43 which states that the SBA is extending the repayment date for PPP loans to May 14, 2020, for “good faith” or safe harbor certification by the SBA. Question #43 was added May 5, 2020: “FAQ #31 reminded borrowers…

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