SBA Simplifies Forgiveness for Some PPP Loans
There are about 7.1 million PPP loans that remain outstanding and about 6 million are for $150,000 or less. That is the category the SBA seeks to support with this program.
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PPP
Administration Extends PPP
Congress has extended the Paycheck Protection Program application period. It also added an employee retention credit for disasters other than COVID-19, including the recent severe weather. Employers should look again at the employee retention credit to see if they might qualify.
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New Stimulus Package Expands Benefits, Eligibility
A business is eligible for the second round of PPP if they do not have more than 300 employees and can show a more than 25 percent reduction in gross receipts for any quarter in 2020.
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IRS Makes Consequential Change to PPP Rules
The IRS is disallowing tax deductions on PPP expenses if a company “reasonably believes” that a loan may be forgiven.
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Watchdog Group Seeks Names of PPP Recipients at $25K Level
The SBA contends that disclosing the names of loan recipients could violate their privacy because the loans are scaled to the size of a business’s payroll. But advocates for disclosure say it is important to gauge the program’s effectiveness.
Read moreFarm Bureau Lobbies Congress on PPP Tax Issue
The IRS in April issued guidance stating that expenses are not deductible if their payment results in a PPP loan being forgiven. The guidance has been criticized by some key lawmakers on both sides of the aisle, who argue it goes against congressional intent.
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Manufacturers Received $54 Billion in PPP Funds
More than 229,000 manufacturing companies received loans, which represented 10.36 percent of the total distributed as of June 30.
Read moreLawmakers May Create Online PPP Forgiveness Tool
The act would require the SBA to
establish a free online calculator to provider borrowers “certainty and assistance” in pursuing loan forgiveness.
Names of Recipients of PPP Loans Will Be Released Thursday
Disclosures will include names of recipients who received loans worth >$150K, addresses, NAICS codes, ZIP codes, and more
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Bill Would Expand Use of PPP Funds, Extend Timeline
Legislation awaiting consideration in the Senate expands the terms of the loans from the Paycheck Protection Program and allows small businesses to spend more of the money on non-payroll costs.
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House Votes to Give Small Businesses Flexibility on PPP
The House on Thursday passed legislation that expands the terms of the Payroll Protection Program to allow employers to spend a greater portion on non-payroll expenses.
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