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Small Business Loans Tax Deductions

PilieroMazza PLLC

COVID-19 Relief in 2021: What Small Businesses Need to Know

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The recent $900 billion COVID-19 economic relief package is delivering long-overdue help to businesses and individuals. The related legislation, the Consolidated Appropriations Act, provided more than $300 billion in aid for...more

PilieroMazza PLLC

[Webinar] COVID-19 Relief in 2021: What Small Businesses Need to Know - February 2nd, 2:00 pm - 3:00 pm ET

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The recent $900 billion COVID-19 economic relief package is delivering long-overdue help to businesses and individuals. The related legislation, the Consolidated Appropriations Act, provided more than $300 billion in aid for...more

Gould + Ratner LLP

Congress Passes $900 Billion Relief Act and Revises the PPP

Gould + Ratner LLP on

After months of intense negotiations, Congress passed a new relief bill this week. Assuming President Trump signs the bill, or Congress overrides a veto, it delivers change just in time for the new year. Tucked into the...more

Fisher Phillips

What Employers Need To Know About Latest Federal COVID-19 Stimulus Package

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Federal lawmakers agreed to a second round of stimulus legislation late last night, sending a nearly 6,000-page bill to President Trump for his expected signature. The proposal allocates $900 billion in economic relief to...more

UB Greensfelder LLP

Congress Confirms Tax Deductions for Expenses Paid with PPP Loans, Extends Other Tax Provisions

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Congress gave recipients of loans under the Paycheck Protection Program (PPP) a holiday present when it confirmed the deductibility of expenses paid with proceeds of a PPP loan that is forgiven. This confirmation is part of...more

Tonkon Torp LLP

Uncertain Thankfulness: A Tax Deduction Denied & PPP Loan Forgiveness

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Under the CARES Act, PPP loans given to affected borrowers were potentially eligible for forgiveness without cancellation of indebtedness income. To qualify, an affected borrower must certify that (i) “the uncertainty of...more

Wilson Sonsini Goodrich & Rosati

IRS Releases Additional Guidance Regarding Interaction of Employee Retention Tax Credits and PPP Loans in M&A Transactions and...

Last week, the Internal Revenue Service (IRS) issued additional guidance on two outstanding issues regarding Paycheck Protection Program (PPP) Loans and the Employee Retention Tax Credit (ERTC) provisions of the Coronavirus...more

McGlinchey Stafford

Can I Deduct Expenses Paid With A PPP Loan?

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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

Nossaman LLP

On-Demand Webinar | PPP Loan Forgiveness: Employment and Tax Issues for Borrowers

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Introducing Nossaman's Employment BUZZ webinar series! Each month, our attorneys will cover a different topic of interest to employers, including tax, insurance, intellectual property and employment issues. These "quick hit"...more

Bowditch & Dewey

A Trap for the Unwary – IRS Denies Deductions for Expenses Paid with Forgiven PPP Loans

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A central feature of the CARES Act, the Paycheck Protection Program (PPP), provided a lifeline to a multitude of small businesses during the early days of the Coronavirus pandemic. PPP loans were used to cover payroll...more

White & Case LLP

"100 measures for business sector" - Overview of the most recent measures to enhance the business environment after the downturn...

White & Case LLP on

Following the adoption of the first series of anti-bureaucratic measures to support the business sector in recovering from the situation caused by the COVID-19 pandemic, our alert provides a summary of the most significant...more

Downs Rachlin Martin PLLC

Maximizing PPP Loan Forgiveness | Webinar

For businesses that received a loan through the Paycheck Protection Program (PPP), the rules are still being refined, regulations continue to evolve and new guidance continues to be published. Despite the rapidly evolving...more

Downs Rachlin Martin PLLC

Paycheck Protection Program Pressure Mounts – Is Change Inevitable?

The first PPP loans now near the end of their eligible 8 week period: significant questions persist and pressure is mounting on the SBA and Treasury to implement program revisions. ...more

Hinshaw & Culbertson LLP

IRS Position on the Deductibility of Expenses Paid with PPP Loan Proceeds

On May 7, 2020, the IRS issued Notice 2020-32 to provide guidance concerning the deductibility for Federal income tax purposes of otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer...more

Greenberg Glusker LLP

Real Estate Implications of the CARES Act

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While the federal government’s recently-enacted $2 trillion-dollar stimulus package under the CARES Act provides direct relief to individuals, multi-family borrowers with federally-backed mortgages, and various hard-hit...more

Steptoe & Johnson PLLC

A Six Foot Look at the Business, Loan, and Tax Reform Legislation In Response to COVID-19

LOAN ASSISTANCE PROVISIONS - Express Bridge Loan Pilot Program: Unilateral pronouncement of the SBA- • While not part of the CARES legislation, the SBA announced as a response to COVID19, small businesses that...more

Skadden, Arps, Slate, Meagher & Flom LLP

CARES Act Provides Much-Needed Stimulus for U.S. Businesses, Individuals

On March 27, 2020, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, which in aggregate greatly exceeds the financial package...more

Bradley Arant Boult Cummings LLP

Congress Passes $2 Trillion Coronavirus Stimulus Bill

The third stimulus effort responding to the COVID-19 pandemic – the CARES Act – has been signed by President Trump and is now law. The $2 trillion stimulus legislation provides much-needed emergency aid to businesses and...more

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