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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Nonprofit organizations that received loans through the first round of the Paycheck Protection Program (PPP1) may be eligible for a second draw of PPP funding (PPP2). PPP2 was among the provisions included in the COVID-19-Related Tax Relief Act (COVIDTRA) legislation. Small, community financial institutions may submit PPP loan applications for first-time PPP borrowers to the
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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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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contained a provision allowing employers to defer payment of their required 6.2% portion of the Social Security tax on an employee’s wages, up to the taxable wage base of $137,700 for 2020. The provision applies to payroll taxes incurred from March 27, 2020, through
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