Beyond the Numbers

PPP Loan Expenses Are Now Tax Deductible

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the CARES Act in March 2020 to help businesses which were adversely…

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Tax Effect of PPP Loan Forgiveness

The time has come for businesses to start the application process for Payroll Protection Program (PPP) loan forgiveness. Last week, the IRS released Revenue Ruling 2020-27 which provides clarification on PPP loan forgiveness and deductibility of expenses incurred with PPP proceeds. Below is a summary for business owners. Please feel free to contact us if…

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Build a Fortress Defense for PPP Loan Forgiveness

More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the terms of loan forgiveness for…

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Small Business Owners Get Good News on PPP Loan Forgiveness

Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new…

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Thinking about the Payroll Protection Program loan forgiveness? We have answers!

Thinking about the Payroll Protection Program loan forgiveness?  You are not alone. For those of you who received funding in the first round of payments, that 8-week deadline for using the funds is fast approaching. Many of you have looked at the loan forgiveness application, asked questions and made plans.  We want to tell you, things are going to…

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