The SBA has issued new PPP loan forgiveness applications. Here’s a look at the new forms, resources, and guidance issued by the SBA. 3508S – PPP Loan Forgiveness Application Form for Loans of $150,000 or Less Form 3508S is a one-page forgiveness application for borrowers who received a PPP loan of $150,000 or less in
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The extension of the Paycheck Protection Program (PPP) was a welcome surprise at the end of 2020. Especially some of the provisions, like the deductibility of expenses that PPP1 loan proceeds were used to cover during the initial phases of the pandemic. The legislation passed also included a PPP2 loan program, which is exciting for
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Starting today, Friday, January 15th, the SBA is accepting applications for the second round of Paycheck Protection Program (PPP) funding from smaller financial institutions. On Tuesday, January 19th, they will begin accepting applications from all financial institutions. To apply for the second draw PPP (PPP2), you must meet the following criteria:
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On December 27th, President Trump signed the COVID-Related Tax Relief Act (COVIDTRA), a $908 billion relief package, into law. Among other provisions, the legislation includes a number of notable tax provisions and extenders for businesses and nonprofit organizations. PPP Provisions One of the biggest wins in this round of legislation affects PPP loan recipients, both
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Beginning with 2020 information reporting, the IRS is reintroducing Form 1099-NEC, a form that was previously used until the early 80’s for reporting nonemployee compensation. The IRS hopes the form will help avoid fraudulent reporting, deadline confusion, and filing errors. In addition to new filing requirements, Form 1099-NEC has resulted in a redesigned Form 1099-MISC.
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