New Paycheck Protection Program Amendment in Congress
A bipartisan measure amending the Paycheck Protection Program (PPP) will be voted on next week in the House of Representatives. Amending the Paycheck Protection Program to assist small businesses with more forgiveness has bipartisan support in both the House and...
Safe Harbor for PPP Loans Under $2 million
Business Owners – this is for you! Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program (PPP) loans made in amounts exceeding $2 million, the agency issued guidance extending an automatic safe harbor to...
Lawmakers Fight for Tax Deductible Expenses Under PPP
Our last blog post announced that the IRS issued Notice 2020-32 indicating that expenses funded with forgiven PPP loan proceeds are not deductible. We believe this is contrary to the intent of the CARES Act. Yesterday, Senators Grassley and Wyden introduced...
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