NEWS
Guidance for Completing the SBA Paycheck Protection Program (PPP) Loan Forgiveness Application
As we communicated earlier, the SBA recently released its PPP loan forgiveness application, which you can access here. This 11-page document includes filing instructions that answer many but not all the questions borrowers have on the calculation of forgiveness....
SBA Issues Paycheck Protection Program (PPP) Loan Forgiveness Application
Over the past weekend the U.S. Treasury along with SBA issued the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application which can be found here. This application is subject to change and many unanswered questions remain. We anticipate additional...
Bucks County Back To Work Small Business Grant
The Bucks County Board of Commissioners has allocated $6 million to establish the Bucks Back to Work Small Business Grant program which will provide grants up to $25,000 or 25% of annual operating expenses (whichever is lower). The program fact sheet can be found...
SBA Allows Increased Paycheck Protection Program (PPP) Loans to Partnerships and Seasonal Employers
On April 14, 2020, after many borrowers had already submitted their PPP loan applications, the SBA issued guidance for individuals with self-employment income. This rule prohibited partners in a partnership from submitting a loan application for themselves. Instead,...
Paycheck Protection Program (PPP) Loan Eligibility Update: SBA Guidance on Good Faith Certification
We recently alerted you to the SBA guidance which tightened eligibility rules on who qualifies for a PPP loan. You may recall that under the CARES Act, a borrower needed to certify that “current economic uncertainty makes this loan request necessary to support the...
IRS Provides Relief for Mid-Year Changes to Health and Dependent Care Flexible Spending Arrangements (FSAs)
In response to the COVID-19 crisis, on Tuesday, May 12 the IRS announced relief for Section 125 cafeteria plans during calendar year 2020, providing increased flexibility for: employer-sponsored health coverage health Flexible Spending Arrangements (health FSAs)...
CARES Act Update: Paycheck Protection Program (PPP) Forgiveness and the Employee Retention Credit
The Small Business Administration has promised additional guidance on loan forgiveness (as a whole) as it relates to the Paycheck Protection Program (PPP). While we await that guidance, the SBA – in conjunction with the U.S. Treasury – continues to release partial...
IRA-to-Roth IRA Conversion Opportunity Exists in Current Economic Downturn
While an economic downturn is never good news for investors, it presents a potentially valuable opportunity for individuals considering converting their traditional IRA (and funds that have been rolled over from a qualified plan) to a Roth IRA. It is important to...
Paycheck Protection Program (PPP) Required Documentation and Update on Nondeductibility of PPP Loan Expenses
PPP Loan Eligibility Certification Presumably as a result of the public outcry over large publicly-traded companies receiving PPP loan proceeds while many small businesses were locked out of the program, the Treasury Department tightened the eligibility rules on who...
Expenses of Paycheck Protection Program (PPP) Loan Ruled Nondeductible by the IRS
Late April 30, the IRS issued additional guidance on the Paycheck Protection Program (PPP). You may recall the proceeds of a PPP loan can be forgiven if spent on qualified expenses – such as payroll costs, mortgage interest, rent and utilities – within a certain...
Tax & Business Letter
