According to an IRS FAQ regarding CARES Act questions, employers who received PPP funds can defer Social Security tax payments until they are notified of the PPP forgiveness (See FAQ #4 in the link below). Once the PPP loan forgiveness is confirmed, the PPP borrower can no longer defer any future Social Security tax payments, […]
Last Friday, the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Forgiveness Application along with instructions for PPP borrowers. The instructions give guidance on the PPP forgiveness calculation for borrowers on how to apply for forgiveness of their PPP loans. We recommend that you review the instructions
According to guidance released by the SBA regarding PPP loans, the SBA will assume that any business who received a PPP loan of less than $2 million requested it in good faith and will not subject it to review. PPP loans in excess of $2 million will still be subject to review by the SBA
SBA announces Safe Harbor for PPP loans under $2 million Read More »
The IRS posted a News Release which explained why the amount of Economic Impact Payment could be different than anticipated for some taxpayers. To read the factors that could affect the Economic Impact Payment amount, click here.
Economic Impact Payment Could be Different than Anticipated Read More »
The SBA recently announced that they will accept applications for Economic Injury Disaster Loans (EIDL) from those in agricultural businesses.
Economic Injury Disaster Loans (EIDL) for Ag Businesses Read More »
The Ohio Attorney General has announced on their website that they are automatically extending the following Charitable Registration annual report final filing deadlines.
Ohio Attorney General Extends the Annual Report Filing Deadline Read More »
Recently we received some updated information regarding PPP information for farmers on the interplay between the PPP and USDA programs. See Q&A below. Updated Q/A’s related to PPP: Q: If I receive funds from SBA’s Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) program, will I be ineligible for USDA’s forthcoming Coronavirus Food
The IRS has released guidance explaining that a taxpayer who receives funds through the Paycheck Protection Program (PPP) is not permitted to deduct any expenses that were reimbursed by forgiven PPP funds. However, as seen in the article below, the AICPA is challenging that position because they do not feel that was the intent of
IRS Guidance Regarding Deductibility of PPP Expenses Read More »
In a recent joint statement, the Treasury Department and the Small Business Administration (SBA) announced that all businesses who received a Paycheck Protection Program (PPP) loan in excess of $2 million would have the necessity of receiving the loan reviewed. To quote the statement directly: To further ensure PPP loans are limited to eligible borrowers,
Small Business Administration to Review all PPP Loans in Excess of $2 Million Read More »
Recently the Ohio Department of Job and Family Services (ODJFS) sent an informational email regarding COVID-19 work refusals.
Information for Employers regarding COVID-19 Work Refusals Read More »
