Deploying precision government accounting systems
You have probably heard by now that the new law passed is almost 5,600 pages and covers funding the government as well as many tax provisions. This post is meant to cover Unemployment, recovery rebates, the Payroll Protection Program, Economic Injury Disaster Loans, and payroll sick and family leave. Subscribe to our newsletter so you …
What You Need to Know About the Consolidated Appropriations Act 2021Read More
This is a summary of the portions that relate to PPP and EIDL Funding. $300 billion to Small Business Administration Funding to allow to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a …
The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10M. Compliance with this meant that loads did not have to be paid back. Also, there is no forgiveness of debt income when a loan is forgiven, something that normally is a standard tax result from a …
IRS Issues Guidance On Disallowance Of Deductions For ForgivenessRead More
On August 24, the SBA issued their latest Interim Final Rule on PPP loan forgiveness. The rule covered three areas. The first has to do with owners of a business that have less than 5% ownership. The second and third areas pertain to rent expense. The clarifications under rent expense address situations when a company …
