Under the Paycheck Protection Program (PPP), the federal government authorizes up to $349 billion in forgivable loans to small businesses during the COVID-19 crisis. Small businesses are receiving loans, and many have questions on how to account for the funds, expenses, and forgiveness in their accounting records.
On Friday the SBA issued its Interim Final Rule (IFR) on Loan Forgiveness for Paycheck Protection Loans. While the IFR largely mirrors the Loan Forgiveness Application Form released the prior Friday, a few additional items of note were included in the IFR.
The transportation industry is feeling the impact of the COVID-19 crisis in a variety of ways. To assist transportation companies during this uncertain time, the Smith Schafer Transportation Experts are providing a list of the top questions we hear from the industry.
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases.
On May 15, Treasury released the Paycheck Protection Program Loan Forgiveness Application. This application provides some insight related to questions on loan forgiveness.
Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.
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