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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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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The IRS is disallowing tax deductions on PPP expenses if a company “reasonably believes” that a loan may be forgiven.
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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 moreThe 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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More than 229,000 manufacturing companies received loans, which represented 10.36 percent of the total distributed as of June 30.
Read moreThe act would require the SBA to
establish a free online calculator to provider borrowers “certainty and assistance” in pursuing loan forgiveness.
Disclosures will include names of recipients who received loans worth >$150K, addresses, NAICS codes, ZIP codes, and more
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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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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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