PPP Update: New Guidance That Will Change 2020 Taxable Liabilities

The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.

2021-05-06T08:34:28-04:00November 19, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: |

SBA Publishes Loan Necessity Questionnaire for PPP Borrowers

Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA. (authored by RSM US LLP)

2020-11-04T10:34:01-05:00November 4, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Congress Approves Extension to Apply for PPP Funds

On Wednesday, July 1, the House passed Senate Bill S.4416 by unanimous consent.  The bill, which extends the timeline to apply for PPP funds through August 8, 2020, is headed to the President’s desk for signature.

2021-05-06T08:43:25-04:00July 2, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: |

Expanded Relief to Plan Participants for Coronavirus-Related Distributions

On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

2020-06-29T11:21:29-04:00June 29, 2020|Categories: PBMares COVID-19 Insights, Retirement|Tags: , |

New Guidance on When to Apply for PPP Loan Forgiveness, Owner-Employees, and Excepted Employees

New guidance released on June 22, 2020, provides businesses with information on when they are able to apply for loan forgiveness, caps on employee-owner compensation, and some clarification on excepted employees in FTE calculations.

2020-10-05T10:37:47-04:00June 26, 2020|Categories: PBMares COVID-19 Insights|Tags: |

New PPP Loan Forgiveness Applications Released

On Tuesday, June 16th,  Treasury and the SBA released updated PPP loan forgiveness applications, including an alternative EZ application that is designed to simplify the process for those who meet certain criteria.

2021-05-06T08:45:00-04:00June 18, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Didn’t Receive a PPP Loan? Employee Retention Credit and Other CARES Benefits Available

If your business didn’t qualify for or secure a PPP loan, there are several other tax benefits provided by the CARES Act.  Here we’re going to take a closer look at some of the most advantageous programs available.

2021-05-06T15:14:26-04:00May 26, 2020|Categories: COVID-19 Business Resources, PBMares COVID-19 Insights|Tags: |

PPP Loan Forgiveness Application Released: What Documents Businesses Should Maintain

As a large portion of PPP loans have been disbursed and more funds on their way to businesses in need, SBA and Treasury have now turned their attention to the forgiveness portion of the PPP program.

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