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Two new interim final rules build upon loan forgiveness application and instruction, but they don’t make changes to the eight-week period during which PPP funds must be spent or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs.
New guidance helps clear up calculation methods, definitions of forgivable expenses, and the documents that must be submitted with the forgiveness request.
The Small Business Administration has taken another step to allow employers more flexibility in repaying their loans under the Paycheck Protection Program.
The Small Business Administration’s newest announcement offers relief for some employers whose Paycheck Protection Program loans amounted to less than $2 million.
New guidance from the IRS says that normally deductible business expenses will not be deductible as a way to prevent a “double tax benefit.”
Congress provided $349 billion for PPP funds, but that money ran out late last week amid high levels of demand as the coronavirus has forced businesses to scale back or close altogether.
Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Here are the details about the loan qualifications and terms.
Scammers are targeting individuals with promises to help them receive their upcoming economic impact payment faster. Here’s how to spot them.
As more details emerge from the 880-page, $2 trillion CARES Act, the potential economic perks are becoming clearer for employers and individuals.
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Mark Patterson, KraftCPAs Tax Services
