PPP

California says no deduction for expenses paid with forgiven PPP funds In anticipation of the new federal stimulus package, just to let you know that California law specifically requires PPP loan forgiveness to reduce deductions. California does not conform to this federal law, which is amended as part of the…

New COVID-19 relief package coming Lawmakers have agreed to another round of pandemic-related relief, which has been included in the 2021 Consolidated Appropriations Act and is expected to be passed quickly. The nearly 5,600-page bill includes a number of provisions that benefit businesses and individuals, including: Allowing the deduction of…

Feds make PPP expenses deductible for some businesses, but will California follow? Click here for details: https://www.bizjournals.com/sanfrancisco/news/2020/12/22/feds-make-ppp-expenses-deductible.html

Expenses With PPP Money Are Tax Deductible, Congress Reverses IRS Click here for details: https://www.forbes.com/sites/robertwood/2020/12/21/expenses-with-ppp-money-are-tax-deductible-congress-reverses-irs/?sh=3ce004801e1f

Bipartisan support for new PPP loans gains momentum in Congress Click here for details: https://thehill.com/policy/finance/529092-bipartisan-support-for-new-ppp-loans-gains-momentum-in-congress

 Business owners expecting paycheck protection loan forgiveness can’t deduct expenses https://www.cnbc.com/2020/11/19/business-owners-who-expect-ppp-loan-forgiveness-cant-deduct-expenses.html

As stimulus talks drag on in Washington, millions of small businesses await guidance on PPP loan forgiveness Click here for details: https://www.cnbc.com/2020/10/23/millistimulus-talks-drag-on-and-uncertainty-over-ppp-loan-forgiveness-hangs-in-the-balance.html

SBA offers total forgiveness for loans of $50,000 or less, helping PPP small-business borrowers https://www.inquirer.com/news/sba-treasury-ppp-loans-small-business-administration-50000-forgiveness-20201012.html

 A New PPP Forgiveness Application Is Out: What You Need To Know Click here for details → https://www.forbes.com/sites/brianthompson1/2020/10/09/a-new-ppp-forgiveness-application-is-out-what-you-need-to-know/#db77975308f6

PPP forgiveness simplified for loans of $50,000 or less The Treasury and SBA have released a new PPP Loan Forgiveness Form 3508S, and new interim final rules, that ease the forgiveness rules for borrowers of $50,000 or less. These borrowers are no longer required to reduce forgiveness amounts based on…