PPP Loan Borrowers and Expenses – Congressional Update
by Scott Lewis, CPA, MSA Late last night, in a display of bipartisan cooperation, Congress has agreed on a new $900 billion COVID-19 stimulus package. One of the provisions included as part of this legislation package is the formal federal tax treatment of expenses that were incurred using Paycheck Protection Program (PPP) loan proceeds. The […]
Further Updates on PPP Loan Forgiveness and Expense Deductibility
by Scott Lewis, CPA, MSA The Paycheck Protection Program (PPP) loans were created and signed into law to provide relief to small businesses during the coronavirus pandemic as part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, back in March of 2020. They were designed as an assistance measure in these […]
Year-End Individual Tax Strategies In this time of Uncertainty
by Scott Lewis, CPA, MSA We finally know the results on most of the National general elections and it’s almost time to eat turkey, at an appropriate social distance of course. After that, there are still many decisions to be made as we finalize year-end tax planning, and we say goodbye to this year 2020, […]
SBA Questionnaire for PPP Loans in Excess of $2 Million
by Scott Lewis, CPA, MSA The PPP loan program was signed into law to provide relief to small businesses during the coronavirus pandemic as part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, back in March of 2020. It was designed as an assistance measure in times of unprecedented economic uncertainties […]