Paycheck Protection Program: Treatment of Owner’s Compensation for Corporate Shareholders

SBA PPP LOAN FORGIVENESS RULES By Scott Zickefoose, CPA, CM&AA, Tax Senior Manager | Business Turnaround Services Team Overview of Interim Final Rule on Treatment of Owner’s Compensation for C-Corporation and S-Corporation Shareholders The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a 2.2 trillion dollar stimulus package that provided relief to small businesses […]

SBA and Treasury Release Additional Paycheck Protection Program FAQs

SBA PPP LOAN FORGIVENESS RULES By Scott Zickefoose, CPA, CM&AA, Tax Senior Manager | Business Turnaround Services Team The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2.2 trillion stimulus package that provided relief to small businesses and individuals. The Paycheck Protection Program (PPP) allocated funding to small businesses through new and […]

Paycheck Protection Program: Enhanced Transparency vs Business Privacy

SBA PPP LOAN FORGIVENESS RULES By Scott Zickefoose, CPA, CM&AA, Senior Tax Manager | Business Turnaround Services Team Paycheck Protection Program Enhanced Transparency On June 19, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury announced that they had reached bipartisan agreement with leaders of the U.S. Senate Small Business Committee to […]

Paycheck Protection Program Flexibility Act of 2020

SBA PPP LOAN FORGIVENESS RULES By Scott Zickefoose, CPA, CM&AA, Senior Tax Manager | Business Turnaround Services Team PPP Loan Forgiveness Assistance On June 3, 2020, the Senate passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. This legislation was previously passed by the House of Representatives on May 28, 2020, and is […]

Important Paycheck Protection Program Bulletin

SBA PPP LOAN FORGIVENESS RULES By Matthew L. Austin, Managing Director | Keiter Advisors Offer to Re-Hire and Reporting a Rejection of Re-Hire to the State Unemployment Commission The Treasury specified in its Interim Final Rule that a borrower’s loan forgiveness amount will not be reduced if an employer makes an offer to re-hire an […]

Paycheck Protection Program: Guidance on Deductibility of Business Expenses Incurred

By Scott Zickefoose, Tax Senior Manager IRS Notice 2020-32 provides guidance on allowable tax deductions relating to business expenses On April 30, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-32. This notice provides guidance regarding the deductibility for Federal income tax purposes of expenses incurred in a taxpayer’s trade or business when the taxpayer […]

Paycheck Protection Program Clarifications for Borrowers

SBA PPP LOAN FORGIVENESS RULES By Scott Zickefoose, CPA, CM&AA, Tax Senior Manager Note: This article was updated May 6, 2020 to reflect the new deadline for Paycheck Protection Program loan qualification and repayment. Paycheck Protection Program Frequently Asked Questions and Interim Final Rules Bring Clarity to Loan Borrowers The Coronavirus Aid, Relief, and Economic […]

Paycheck Protection Program: Documentation Best Practices for Borrowers

SBA PPP LOAN FORGIVENESS RULES By Scott Zickefoose, CPA, CM&AA, Tax Senior Manager PPP Loan Forgiveness Guidelines Note: Learn more about the new deadline for Paycheck Protection Program loan qualification and repayment. Our team is closely monitoring the developments of the COVID-19 pandemic and are working to keep you informed of the implications to you […]

Paycheck Protection Program: Guidance for Self-Employed Individuals and Partners

SBA PPP Loan Forgiveness Rules The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses negatively impacted by COVID-19 to keep their workers on the payroll. On April 14, 2020, the Small Business Administration (SBA) released an additional Interim Final Rule (“the Rule”) that provides guidance on a […]

IRS FAQs: Paycheck Protection Loans and Deferral of Employer Social Security Taxes

SBA PPP LOAN FORGIVENESS RULES Many taxpayers have applied for or are in the process of applying for Payroll Protection Loans. These same taxpayers hope that they will qualify for all or partial loan forgiveness as allowed under the program. IRS Provides Clarification of The CARES Act Section 2302 The CARES Act (“the Act”) Section […]


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