President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021. The new law gives qualifying businesses and...more
3/31/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Planning ,
Tax Relief ,
Time Extensions
The second PPP loan program is due to expire March 31, 2021. Many eligible businesses have still not applied. President Biden announced changes to the program on February 22, 2021 making it easier to qualify for a PPP loan...more
The US Department of Justice announced the first civil settlement involving allegations of fraud against a PPP borrower. SlideBelts Inc. received a PPP loan under the CARES Act. SlideBelts is an internet retail company and...more
2/15/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Damages ,
Department of Justice (DOJ) ,
False Claims Act (FCA) ,
Federal Loans ,
Financial Fraud ,
Infectious Diseases ,
Paycheck Protection Program (PPP) ,
Penalties ,
SBA Lending Programs ,
Small Business
The new Economic Aid Act passed by Congress authorizes new PPP loans for first-time borrowers, but also additional PPP loans for those that already received a loan last year....more
The SBA has now released broader information on borrowers who received loans under the Payroll Protection Program. The SBA’s release of this information was ordered by United States District Judge James E. Boasberg in a case...more
A United States District Judge in Washington ordered the SBA to release the names and other information of all Paycheck Protection Loan borrowers. In WP Company LLC d/b/a The Washington Post, et al., v. U.S. Small Business...more
A United States District Judge in Washington has ordered the SBA to now release the names and other information of all Paycheck Protection Loan borrowers. In WP Company LLC d/b/a The Washington Post, et al., v. U.S. Small...more
On October 31, 2020, the SBA released new forms and related instructions requiring borrowers with PPP loans of $2 million or more to provide additional information related to their PPP loans. Titled “Loan Necessity...more
PPP loans under the CARES Act are being audited by the SBA. All PPP loans over $2 million will be audited, and many more under $2 million will be audited as well. Applying for forgiveness of a PPP loan increases the...more
The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more
7/9/2020
/ Audits ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Federal Loans ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans ,
U.S. Treasury
The Paycheck Protection Program under the CARES Act ended June 30, 2020, and with over $520 billion loaned to nearly 4.9 million self-employed individuals and businesses. The PPP was hastily passed by Congress and...more
The U.S. Justice Department has opened an investigation into businesses and self-employed individuals that applied for loans under the Paycheck Protection Program. Over $500 million in loans to over 4.6 million businesses and...more
Banks have loaned over $500 billion in PPP loans under the CARES Act, and to over 4.6 million businesses and self-employed individuals. These PPP loans are critical for these businesses and individuals – and their employees –...more
6/24/2020
/ American Civil Liberties Union (ACLU) ,
CARES Act ,
Coronavirus/COVID-19 ,
Criminal Background Checks ,
Criminal Records ,
Loan Applications ,
Paycheck Protection Program (PPP) ,
SBA ,
Self Employed ,
Small Business ,
Small Business Loans
Payroll Protection Program (PPP) loans under the CARES Act are available not only to small business but to self-employed individuals, too. Banks began accepting PPP loan applications for self-employed individuals beginning...more
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
3/7/2019
/ Assisted Living Facilities (ALFs) ,
Business Ownership ,
Final Rules ,
Health Care Providers ,
Income Taxes ,
IRS ,
Pass-Through Entities ,
S-Corporation ,
Section 199A ,
Skilled Nursing Facility ,
Small Business ,
Sole Proprietorship ,
Specified Service Trade Or Business (SSTB) ,
Tax Cuts and Jobs Act ,
Tax Deductions
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
2/28/2019
/ Business Ownership ,
Business Profits ,
Business Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Real Estate Companies ,
Rental Income ,
Rental Property ,
S-Corporation ,
Safe Harbors ,
Section 199A ,
Small Business ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
2/19/2019
/ Business Ownership ,
Business Profits ,
Business Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Qualified Business Income ,
S-Corporation ,
Section 199A ,
Small Business ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Wage and Hour
Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more
10/23/2018
/ Business Income ,
Business Ownership ,
Business Taxes ,
Corporate Taxes ,
Court Reporters ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Payroll Taxes ,
Proposed Regulation ,
S-Corporation ,
Services ,
Small Business ,
Sole Proprietorship ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Trusts
President Trump signed into law a major overhaul of the US tax system. The corporate tax rates have changed from a system of graduated tax rates up to 35% to a flat tax on corporate profits of 21%. The alternative minimum tax...more
12/27/2017
/ Alternative Minimum Tax ,
Business Profits ,
Business Taxes ,
C-Corporation ,
Corporate Taxes ,
Employment Tax ,
Income Taxes ,
IRS ,
Mortgage Interest ,
New Legislation ,
Pass-Through Entities ,
Personal Exemptions ,
Personal Services ,
Shareholders ,
Small Business ,
Standard Deduction ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
A proposal presently being discussed before the House Ways and Means Committee (where tax laws begin) addresses how small business income will be taxed. President Trump and the Republican-controlled Congress both desire...more