The PPP rules are still changing. During the past month, the SBA issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the PPP: • More forgiveness. The $20,833 cap on corporate...
Can your business use an infusion of cash to deal with losses caused by the COVID-19 pandemic? The hugely popular federal Payroll Protection Program (PPP) that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised...
We receive many questions about the PPP. Here are two of them with our answers. 1. Good Faith at the Time Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available at the time and are now left...
Tax law definitions do not apply to much of the PPP, making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. 1. Spouse Owns S Corporation Question. My wife owns 100 percent of the S corporation....
If you report your business income and expenses on Schedule C of your Form 1040, your Payroll Protection Program (PPP) loan forgiveness is straightforward, as you see in the four answers below. 1. Paying Myself Question. I know that I can achieve full forgiveness...
