Tax Warrior Chronicles

PPP Update #23 - New Portal Links PPP Borrowers Directly with SBA for Loan Forgiveness

Posted on Thu, Aug 12, 2021

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here#1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

From the beginning, the Small Business Administration (SBA) has struggled with making the Paycheck Protection Program (PPP) process easy for borrowers to navigate. One confusing question has been do businesses work through the SBA or through their lender to secure forgiveness? A new portal launched on August 4th by the SBA targets borrowers with loans up to $150,000 and allows them to apply for forgiveness

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Federal Student Loans and Taxes – A Primer

Posted on Mon, May 24, 2021

By: Steve R. Rossman, CPA, MT

 

The recent spotlight on student loans has been intense. Every consideration from suspending payments to outright forgiveness is being discussed in the halls of Congress and the White House. This topic is widely impactful as a recent Forbes article sites current student loan debt in the Unites States tops a record $1.7 trillion amongst 45 million borrowers. So, what is the law today for how loans are handled in the wake of COVID-19, and what might the tax and financial landscape look like if loans are forgiven? Today, we offer a primer on this very question and its possible outcomes.

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PPP Update #18 – Further Clarity on Deductibility of Expenses

Posted on Fri, Nov 20, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

On November 18, 2020, the IRS released Revenue Ruling 2020-27, amplifying Notice 2020-32, and simultaneously issued Revenue Procedure 2020-51. Both provide further clarity on deductibility of expenses paid with Payroll Protection Plan (PPP) funds and, not surprisingly, leave us with more unanswered questions.

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PPP Update #17 – Updated Guidance: New Application, “Owner” Clarification, New Strings for Nonpayroll Costs & Related Parties, and some FAQs

Posted on Wed, Nov 11, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

Since our last comprehensive Paycheck Protection Program (PPP) update, the Treasury and Small Business Administration (SBA) have continued to issue new guidance for the PPP. The continuous stream of new guidance caused most banks to delay opening their PPP forgiveness portals until recently. Now that forgiveness applications are being accepted by most banks, and as promised in our recent PPP Update #16, today we

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PPP Update #16 – Questionnaires for Loans Greater Than $2 Million

Posted on Fri, Nov 06, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Let us take a break from the election and get back to our favorite (read: most confusing) stimulus, the Paycheck Protection Program (PPP). Over the next week, we will provide various updates that occurred since our last PPP blog update. Today, we will focus on an update from last week that provides insight into how the Small Business Administration (SBA) will review PPP loans of $2 million or more. If your PPP

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PPP Update #15 – Forgiveness FAQs and Applications

Posted on Wed, Aug 12, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

Welcome to the 15th iteration of what is new with the Paycheck Protection Program. There are no prizes for remembering anything in the first 14, but we hope to provide some clarity on specific issues addressed in the Frequently Asked Questions (FAQs) on PPP Loan Forgiveness (Forgiveness FAQs) issued on August 4. The Forgiveness FAQs are the first piece of significant additional guidance issued since our last

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PPP Update #14 – You Can Apply for Forgiveness Early, but Buyer Beware

Posted on Thu, Jun 25, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

The Treasury continues to rewrite guidance based upon the changes passed within the Paycheck Protection Program Flexibility Act (PPPFA). Overnight on Monday, June 22, the Treasury released the 20th Interim Final Rule (IFR). There are no surprises on what to expect with the 20th IFR: some clarifications, a few new things, and you guessed it, more unanswered questions. Today, we will focus on a significant new

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PPP Update #13 – Revised Forgiveness Guidance: New IFRs and Applications

Posted on Thu, Jun 18, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Since our last blog, the Treasury issued two additional Interim Final Rules (the 18th and 19th), revised the original loan forgiveness application for changes made by the Paycheck Protection Flexibility Act (PPFA), and issued a new EZ loan forgiveness application. If you are up to date with our blogs, we are starting to compare the Paycheck Protection Program (PPP) to extra-innings in the longest baseball game

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PPP Update #11 - Paycheck Protection Flexibility Act (PPFA)

Posted on Fri, Jun 05, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

We discussed “potential” changes to the Paycheck Protection Program (PPP), that were introduced in the House on May 15 in our PPP Update #10. Soon after, the Paycheck Protection Flexibility Act (PPFA) passed the House by a vote of 417-1.  On Wednesday night, June 3, the Senate passed the PPFA unanimously with no changes. It is anticipated the President will sign the PPFA into law.  Today we will discuss the

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PPP Update #10 - Potential Changes & Forgiveness Regulations

Posted on Tue, May 26, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Treasury kicked off the holiday weekend on Friday, May 22, by releasing its 14th Interim Final Rule (IFR) addressing loan forgiveness for the Paycheck Protection Program (PPP) loans.  This new IFR clarified certain issues while leaving others outstanding.  Today’s blog will focus on the clarifications so borrowers, many nearing the end of their 8-week Covered Period, can make decisions around what is known. 

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