Tax Warrior Chronicles

PPP Update #7 – What’s New? – Clarity on Deductibility of Expenses & Other Items

Posted on Fri, May 01, 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

 

 

 

 

While many await formal guidance about the Paycheck Protection Program (PPP) loan forgiveness, the SBA and Treasury were busy issuing various other guidance this week.  Today, we outline and provide our thoughts about this week’s guidance, including deductibility of expenses paid with PPP funds and PPP eligibility standards.

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PPP Update #5 – New Guidance for Individuals and Partners with Self-Employment Income

Posted on Thu, Apr 16, 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, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

For some reason the SBA really likes issuing CARES Act guidance Tuesday evenings around 5:00PM.  This was again the case on Tuesday, April 14th when it issued its third interim final rule (regulation) related to the Paycheck Protection Program (PPP).  The third interim final rule provides guidance for individuals with self-employment income who file a Form 1040, Schedule C and provides an update

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Delay of Payment of 2020 Employer Payroll Taxes

Posted on Tue, Apr 14, 2020

When Congress enacted the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), the goal was to provide flexibility to businesses during an unprecedented time.  Section 2302 of the CARES Act seeks to provide flexibility by allowing businesses, and self-employed individuals, to defer payment of the “employer” portion of Social Security taxes.

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PPP Update #4 - Paycheck Protection Program – FAQs Issued and Updated

Posted on Wed, Apr 08, 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, #15#16#17, #18,

#19, #20, #21, #22, #23

Over the past week we’ve provided several updates on the evolving, and sometimes, inconsistent guidance provided by the U.S. Department of Treasury and the Small Business Administration (SBA) regarding the Paycheck Protection Program (PPP) introduced by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  We began with an introduction, provided an update when the first draft of the

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PPP Update #3 - Paycheck Protection Program Loan - Regulations & Final Application Released

Posted on Fri, Apr 03, 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, #15#16#17, #18,

#19, #20, #21, #22, #23

 

At this point, our readers should be familiar with the Paycheck Protection Program (PPP), the intent behind it, and the guidance issued as of April 2, 2020.  Today we have summarized key changes included in the new guidance issued overnight between April 2 and April 3, including the Final Borrower Application and related regulations.

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