PPP
Writing off Expenses Paid for with PPP Money & a New DoL Decision
By Littler Mendelson The Consolidated Appropriations Act of 2021 contains an important aspect of that legislation that many of you have been clamoring for: companies now may write off expenses paid for with PPP money. This change was buried in section 276(a) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (which is […]
Read MoreSBA and Treasury Announce PPP Re-Opening; Issue New Guidance
Public Health Emergency Extended The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced on Friday, January 8, 2021, that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able […]
Read MoreNew IRS Guidance Eliminates all Tax Benefits of PPP Loan Forgiveness
A special report from Ted Cuppett of The Health Group The IRS has released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code, to the extent the expenses were reimbursed by a PPP […]
Read MoreHome-Based Care Providers with PPP Loans Can’t Bank on Forgiveness
Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA) were a godsend for a lot of home care agencies in 2020, allowing them to keep their heads above water during financial downturns and reward employees for conducting hazardous work. But now agencies must prepare for the aftermath of PPP in the form of […]
Read MoreHome-Based Care Providers with PPP Loans Can’t Bank on Forgiveness
Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA) were a godsend for a lot of home care agencies in 2020, allowing them to keep their heads above water during financial downturns and reward employees for conducting hazardous work. But now agencies must prepare for the aftermath of PPP in the form of […]
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