Paycheck Protection Program – December 2020 Changes The Consolidated Appropriations Act changes the PPP Loan Program primarily in three ways. First, the Act allows new PPP loan applications to be submitted...
On Dec. 22, 2020, Congress passed the latest COVID-19 Relief Bill. This is the largest bill ever passed by Congress at over 5,500 pages. It contains over $900 billion of...
(authored by RSM US LLP) Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders....
(authored by RSM US LLP) The package provides additional funding for the Paycheck Protection Program and allows certain borrowers to draw second round of PPP funding...
(authored by RSM US LLP) After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program....
IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...
(authored by RSM US LLP) Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA....
(authored by RSM US LLP) Given the lack of due diligence executed for each PPP application, it’s likely there will be a number of violations uncovered in the future....