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December 18, 2020
Part 23 – CARES Act – Loan Necessity Questionnaire FAQ
On December 9, 2020, the Small Business Administration (SBA) released Paycheck Protection (PPP) Loan FAQ 46 clarified that any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million would be deemed to have made the required certification concerning the necessity of the loan request in good faith. […]
Read moreDecember 01, 2020
Part 22 – PPP/IRS Expense Deductibility
*Includes link to referenced Forbes article On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 (Ruling) which provides guidance on a taxpayers’ ability to deduct eligible expenses for Paycheck Protection Program (PPP) loan forgiveness. https://www.irs.gov/pub/irs-drop/rr-20-27.pdf Taxpayers that received a PPP loan and paid or incurred deductible expenses listed in section 1106(b) of […]
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