PPP Loans & Deductible Expenditures
By Scott Lewis, CPA, MSA Late on April 30, 2020, the IRS published additional tax guidance under Notice 2020-32, specifically addressing the deductibility of expenses when loans under the Paycheck Protection Program (PPP) are forgiven. The PPP was part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27th, 2020, […]
Webinar: Automotive Dealership Response to COVID-19 Crisis – 3rd Edition, Q&A
For those of you who requested or those that might have missed it, a copy of yesterday’s 3rd edition of the Automotive Dealership webinar can be found here: https://zoom.us/rec/play/tMJ7duD7q2k3EtPBsQSDBvZ-W9W7K6-shCAfq_JYmBqxUiQEN1b3ZLsSYbH7CyeHRTYSlI9_sxyxLtCY?continueMode=true&_x_zm_rtaid=cIijT23oTaiEb-_YtdpImQ.1587736415545.9b6cf3f8ef650ebc496d4a80f1362906&_x_zm_rhtaid=220 Thank you to Ken Rosenfield, Adam Rosenfield, and Scott Shuker for presenting and Tara Carapellucci for moderating the webinar.
Maximizing SBA’s PPP Funding: Achieving Loan Forgiveness
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Recording and Administering Payroll Protection Program (PPP) Loan Proceeds
By Scott Lewis, CPA, MSA The loan funding from the Small Business Administration’s Paycheck Protection Program (PPP) has raised many questions from small businesses and their accounting staff. These include how to account for the initial loans on the books, what approved uses can be paid from these funds and how the forgiveness calculations will […]