News & Analysis as of

Safe Harbors Paycheck Protection Program (PPP)

Jenner & Block

Recent Developments in Bankruptcy Law Update - July 2022

Jenner & Block on

Covered Activities - 1.1.a Order granting counterclaim declaring validity of mortgage on the debtor’s property does not violate the stay. The debtor acquired property subject to a disputed mortgage. The debtor brought a...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two – First Draw PPP Loans - Update #4

Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans - On January 6, 2021, the Small Business...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #5

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

Eversheds Sutherland (US) LLP

No harm, no foul: IRS guidance provides path to claim PPP-related deductions for taxpayers who followed its earlier - but now...

The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-20 (Revenue Procedure), providing guidance for taxpayers who received Paycheck Protection Program (PPP) loans in 2020 but did not deduct all of their...more

McDermott Will & Emery

Weekly IRS Roundup April 19 – April 23, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 19, 2021 – April 23, 2021... April 19, 2021: The IRS issued a news release announcing the...more

Nutter McClennen & Fish LLP

IRS Issues Safe Harbor Regarding Deductibility of Certain Eligible Expenses Paid or Incurred in 2020 by Taxpayers that Received...

If you filed your 2020 tax return prior to December 27, 2020 when the Consolidated Appropriations Act of 2021 (the “CAA”) was enacted and therefore did not deduct certain expenses due to your Paycheck Protection Program...more

McGlinchey Stafford

IRS Provides Safe Harbor To Deduct Certain 2020 PPP Related Expenses In 2021

McGlinchey Stafford on

Before enactment of the 2021 Consolidated Appropriations Act on December 27, 2020, the Internal Revenue Service took the position that taxpayers could not deduct expenses paid with proceeds of a forgiven PPP loan. By passage...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two – First Draw PPP Loans - Update #2

Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans - On January 6, 2021, the Small Business...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #3

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two – First Draw PPP Loans - Update

Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans - On January 6, 2021, the Small Business...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #2

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

McCarter & English, LLP

New PPP Rules Benefit Self-Employed Individuals

Last year, self-employed individuals who conducted their business without any employees could qualify for a Paycheck Protection Program (PPP) loan in an amount equal to approximately 20.8% (2.5 months divided by 12 months) of...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two – First Draw PPP Loans

Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans - On January 6, 2021, the Small Business...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

Perkins Coie

DOJ’s First False Claims Act Settlement Against PPP Borrower Signals Robust Fraud Enforcement Ahead

Perkins Coie on

As the government revives its Paycheck Protection Program (PPP) with hundreds of billions of dollars in additional loans available to small businesses, there are fresh signs that government fraud investigations and...more

ArentFox Schiff

Impacts of Stimulus Legislation on the Bankruptcy Code: Debtor Eligibility and Preference Exceptions

ArentFox Schiff on

The recently-passed Consolidated Appropriations Act, 2021 (the “CAA”) augments the CARES Act by expanding the existing Paycheck Protection Program (“PPP”) and adding additional stimulus programs in an attempt to lay some...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #5

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more

Snell & Wilmer

IRS Releases Much-Awaited Guidance on PPP-Loan-Related Expenses, But More is Still Needed

Snell & Wilmer on

On November 18, 2020, the Internal Revenue Service ("IRS") clarified its stance on the deductibility of expenses paid or incurred by businessowners who participated in the Paycheck Protection Program (“PPP”) by issuing...more

Downs Rachlin Martin PLLC

IRS Reaffirms Non-Deductibility of Forgiven PPP Loan Expenses and Affords New Tax Filing Safe Harbor Rules

In May, the IRS issued Notice 2020-32, providing 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...more

Farrell Fritz, P.C.

The IRS, Forgiven PPP Loans, And Business Deductions: Once Was A Mistake, Twice Is An Inexcusable Decision

Farrell Fritz, P.C. on

It has been more than eight months since the enactment of the CARES Act, yet here we are, with the end of 2020 in sight, and we are still debating whether taxpayers should be allowed to claim a deduction for business expenses...more

McDermott Will & Emery

Weekly IRS Roundup November 16 – November 20, 2020

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 16, 2020 – November 20, 2020. November 16, 2020: The IRS released Notice 2020-82...more

Bracewell LLP

IRS and Treasury Department Release Guidance on the Deductibility of Eligible Expenses under the Paycheck Protection Program

Bracewell LLP on

On November 18, 2020, the IRS and Treasury Department released Revenue Ruling 2020-27 (the Revenue Ruling) stating that, if a taxpayer received a PPP Loan (defined below) and paid or incurred Eligible Expenses (defined...more

Chambliss, Bahner & Stophel, P.C.

IRS Doubles Down: There's No Deduction for Expenses Paid With PPP Loan Fund

The Internal Revenue Service (IRS) previously announced that Paycheck Protection Program (PPP) loan borrowers who receive forgiveness may not take a deduction for the expenses paid with PPP loan proceeds—including wages,...more

McGlinchey Stafford

Can I Deduct Expenses Paid With A PPP Loan?

McGlinchey Stafford on

In recently released Revenue Ruling 2020-27, the IRS addressed the following two fact patterns: •First, Maria received a PPP loan in 2020 that she used to pay “Covered Expenses.” Maria meets the requirements for...more

257 Results
 / 
View per page
Page: of 11

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide