On May 3, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification.
On Thursday, April 30, the IRS released Notice 2020-32. It disallows a tax deduction for any expenses paid via a forgiven Paycheck Protection Program (PPP) loan.
On Friday, April 24, President Trump signed the Paycheck Protection Program (PPP) and Health Care Enhancement Act into law. The new aid bill is boosting resources for various initiatives in response to the coronavirus pandemic
The CARES Act contains a number of provisions impacting businesses. This chart is meant to highlight the tax modifications and provide some potential planning ideas.