Simplify the PPP Application Process The new COVID -19 relief bill also simplified the application process -  Simplified the forgiveness application process for loans of $150K or less. EIDL advance need not be deducted from the PPP forgiveness amount And here in below is a list of documents that SBA may require for PPP loan [...]

Expansion of Definition of Eligible Costs  The new bill had widened the net of cost eligible for Paycheck Protection Program (PPP) loan forgiveness. In addition to payroll, rent, covered mortgage interest and utilities, the following costs are also potentially forgivable: Covered worker protection and facility modification expenditures, including personal protective equipment, to comply with COVID-19 [...]

Tax Deductibility of Expenses  COVID-19 relief bill passed on December 27, 2020 provides the much-awaited pronouncement on treatment of expenses paid out of the forgiven portion of the Paycheck Protection Program (PPP) loan amount (Revenue ruling 2021-02 obsoletes Notice 2020-32 and Rev. Rul. 2020-27).  The Act retroactively amends the CARES Act to provide that no [...]

What are the rules for partnerships to participate in the new round of PPP under the new COVID-19 relief bill passed on December 27th, 2020? That’s what we are going to address in this article.  Under the CARES Act, income from partnership was not considered self-employment income for applying PPP loans. Partnerships could apply loans [...]