Update on PPP First Draw Loan Forgiveness Applications

Businesses who received the first draw PPP loan have 10 months after the end of the borrower’s covered period (the covered period is likely the 24 week period starting the day the PPP funds were disbursed unless if the borrower selected a shorter period) to apply for forgiveness
Read More

HHS Provider Relief Funds Update – January 18, 2021

The Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Paycheck Protection Program (PPP) and Health Care Enhancement Act, appropriated funds to reimburse eligible healthcare providers for healthcare related expenses or lost revenues attributable to the coronavirus. The
Read More

Update on EIDL Advances Reduced From PPP Forgiveness

The December 27, 2020 stimulus bill updated the CARES Act and the requirement for the EIDL Advance to be excluded from the amount of the PPP Loan eligible for forgiveness. Guidance was recently issued by the SBA for applications already submitted, the SBA will be remitting a payment t
Read More

Update on Employee Retention Credit

On December 27, 2020, a new stimulus bill (the Consolidated Appropriations Act, 2021) was signed into law adding potential savings for millions. The Act includes changing the eligibility of the Employee Retention Credit (ERC). Under the CARES Act, passed in March 2020, Congress genera
Read More

End of Year Summary and Latest Updates – December 31, 2020

PPP #1 Loans Covered Expenses paid with your PPP #1 Loan will now be tax deductible for money already received. PPP #1 funds will not be taxable income; however, the expenses paid with the PPP #1 funds have been determined to still be tax deductible. The New Tax Bill, that President T
Read More