Latest News on the Constitutional Validity of the Patient Protection and Affordable Care Act (ACA)
By Scott Lewis, CPA, MSA To our clients and friends: The Supreme Court recently agreed to hear a case this fall that could determine the constitutional validity of the Patient Protection and Affordable Care Act (ACA). The court likely will not issue its ruling until spring or summer of 2021, at the earliest. The Court […]
PPP Flexibility Act of 2020 Passed
By Scott Lewis, CPA, MSA Over the past several months, the Paycheck Protection Program (PPP), has been fraught with general confusion and continually changing rules and guidance since its inception. This loan program was signed into law to provide relief to small businesses during the coronavirus pandemic as part of the $2 trillion Coronavirus Aid, […]
PPP Loan Forgiveness Application Is Released – Now What?
By Scott Lewis, CPA, MSA On Friday, May 15th, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The form is to be filled out by all businesses who received proceeds from the PPP loans, and is to be sent to the lenders who funded these loans. The PPP […]
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, […]