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Round 2: Additional Tax-Free PPP Money for You?

Round 2: Additional Tax-Free PPP Money for You?

If you received an initial PPP loan, you can qualify for a second round (called a “second draw”) of tax-free PPP money. To qualify for the second-draw PPP money, you must 1. have 300 or fewer employees; 2. have suffered a 25 percent or greater loss in revenue during...
New Chance for PPP Monies

New Chance for PPP Monies

Did you miss out on your prior opportunities to receive tax-free PPP cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a tax-free cash gift? If you do, read on for the details. But first, you should...
New Forgiveness Rules for Past, Current, and New PPP Money

New Forgiveness Rules for Past, Current, and New PPP Money

Good news: the new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pocket if you have or had PPP money. Note that the PPP money comes to you in what appears to be a loan. We say “appears” because you typically pay back a...
New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

From what we know, when lawmakers originally passed the PPP they thought that under its provisions, • you did not pay taxes on the forgiveness amount, and • you also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued...
Good News if Your PPP Loan is for $50,000 or Less

Good News if Your PPP Loan is for $50,000 or Less

As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan...
Seven Things to Know Before You Take Out an EIDL

Seven Things to Know Before You Take Out an EIDL

SBA EIDLs can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike PPPs, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent interest rate and a long...