Notice 2020-32 As we also previously discussed, the IRS announced in Notice 2020-32 that, pursuant to Code Section 265, taxpayers whose PPP loans are forgiven cannot deduct the business expenses for which they used the...more
The Small Business Administration (“SBA”) continues its quest to provide guidance relative to the Paycheck Protection Program (“PPP”) enacted as part of the CARES Act and the Paycheck Protection Program Flexibility Act of...more
6/24/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
SBA ,
Small Business ,
Small Business Loans
Up until this past Wednesday, the Paycheck Protection Program (“PPP”) loan forgiveness application issued by the Small Business Administration (“SBA”) had not been updated since May. New guidance was issued in the interim...more
6/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
On Friday, May 22, 2020, the Small Business Administration (“SBA”), in conjunction and consultation with the U.S. Department of the Treasury (“Treasury”), published an interim final rule (“IFR”) containing new guidance on the...more
5/29/2020
/ Bonuses ,
CARES Act ,
Coronavirus/COVID-19 ,
Furloughs ,
Hazard Pay ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Prepayments ,
Relief Measures ,
Required Documentation ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Planning ,
U.S. Treasury ,
Wage and Hour
In addition to worrying about keeping their business afloat these days, businesses are focusing on whether their Paycheck Protection Program (“PPP”) loan will be forgiven. Without loan forgiveness, many of these businesses...more
As we recently reported, the Oregon Department of Revenue (“ODOR”) issued written guidance concluding that the receipt of funds pursuant to PPP loans (whether or not forgiven), EIDLP advances and SBA debt relief for certain...more
5/19/2020
/ B&O Tax ,
Business Taxes ,
Commercial Activity Tax ,
Coronavirus/COVID-19 ,
Debt Relief ,
Department of Revenue ,
Economic Injury Disaster Loans ,
Paycheck Protection Program (PPP) ,
SBA ,
State Taxes ,
Tax Deductions ,
Tax Liability ,
Tax Planning
New guidance from the Oregon Department of Revenue (the “DOR”) with respect to Oregon’s Corporate Activity Tax (“CAT”) was issued Wednesday, May 6th.
Specifically, the DOR announced that:
- Certain forgivable federal...more
5/8/2020
/ Commercial Activity Tax ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Department of Revenue ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Institutions ,
Income Taxes ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Public Hearing ,
SBA Lending Programs ,
State Taxes ,
Tax Liability
In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too!
As we discussed in a recent...more
5/4/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Small Business ,
Tax Deductions ,
Tax Planning
A Succinct Summary of the Key Tax Provisions -
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (colloquially, the “CARES Act” or the “Act”). The CARES Act is a...more
4/1/2020
/ CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Employee Retention ,
Excise Tax ,
Financial Stimulus ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Retirement Plan ,
Small Business ,
Student Loans ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Liability ,
Tax Relief ,
Trump Administration