Tax Warrior Chronicles

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: Updates #1, #2#3#4#5#6#7#8#9#10, #11, #12, #13, #14

 

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 item and some of the clarifications.

 

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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: Updates #1, #2#3#4#5#6#7#8#9#10, #11, #12, #13, #14

 

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 ever recorded. It is now inning 19,

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PPP Update #12 – Revised Guidance for PPP Forgiveness Begins; More Expected to Follow

Posted on Thu, Jun 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: Updates #1, #2#3#4#5#6#7#8#9#10, #11, #12, #13, #14

 

The Paycheck Protection Program (PPP) could be compared to the longest baseball game in history (we really miss sports, humor us here).  That Triple-A International League game ended with a 3-2 score, lasted 33 innings, and clocked 8 hours and 25 minutes of playing time.  As we enter the twelfth inning on this subject, complete and clear guidance remains wanting.  Last at bat we discussed the passage of the Paycheck Protection Program Flexibility

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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: Updates #1, #2#3#4#5#6#7, #8, #9, #10, #11, #12, #13, #14

 

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 impact of PPFA on PPP borrowers.

 

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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: Updates #1, #2#3#4#5#6#7, #8, #9, #10, #11, #12, #13, #14

 

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.  Additionally, we will discuss the

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