The following outlines the tax consequences of the Paycheck Protection Program (PPP) loans in connection with the coronavirus (COVID-19) crisis. An eligible recipient may have a PPP loan forgiven in an amount equal to the sum of the following costs incurred and payments made during the covered period: Payroll costs Interest (but not principal) payments
The Paycheck Protection Program (PPP) Flexibility Act (“PPPFA”) of 2020 (H.R. 7010) bill was signed June 5, which provides more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring. The CARES Act contains a provision, Act Sec.
JT Goldstein recognizes the way you once did business pre COVID-19 may change going forward. As a result, we recommend that you innovate (i.e. pivot) currently and through post COVID-19. Accordingly, we developed a simple template to assist you with this process, along with some preliminary thoughts on how we think you should pivot. We
The U.S. Treasury Department and Small Business Administration (SBA) released two Interim Final Rules regarding the Paycheck Protection Progam (PPP). One rule assists borrowers in the preparation and submission of the PPP loan forgiveness application as well as provide guidance regarding the SBA’s process for reviewing PPP loan applications and loan forgiveness applications. The “Coronavirus
JT Goldstein continuously finds new ways to assist our business community during the COVID-19 pandemic. We listed some requirements required for loan forgiveness of The Paycheck Protection Program “PPP”, which are shown below. Please feel free to contact us for additional information on the PPP requirements. We are here to help you move forward! PPP