As of March 3, 2021, a new sole proprietor PPP formula exists. While most Paycheck Protection Program borrowers calculate their PPP loan amount … [Read more...] about The New Sole Proprietor PPP Formula
PPP
Covid-19 Economic Uncertainty Update
Over most of the last year, we’ve talked a lot at this blog about economic uncertainty and the Covid-19 pandemic. As you maybe know, the popular … [Read more...] about Covid-19 Economic Uncertainty Update
ERC and PPP Affiliation Rules May Make Acquisitions More Attractive
Editor's Note: Daniel Chodan, a tax partner with the Trout CPA firm in Pennsylvania, wrote the article that appears below. If you follow Dan on … [Read more...] about ERC and PPP Affiliation Rules May Make Acquisitions More Attractive
Calculating Revenue Reductions for Second Draw PPP Loans
As you probably know if you’re reading this, small businesses suffering from 25 percent or bigger revenue reductions may receive a second draw PPP … [Read more...] about Calculating Revenue Reductions for Second Draw PPP Loans
The PPP Tax Trap
Okay, sorry, but I’m worried you might stumble into a PPP tax trap. The good news here? You may be able to avoid the trap. But the bad news? You … [Read more...] about The PPP Tax Trap
PPP Loan Amount Increases
A week or two from now, you may get a chance to get a PPP loan amount increase. We just need Congress to pass and the President to sign the … [Read more...] about PPP Loan Amount Increases
PPP Second Draw Loans
Very soon, maybe right after the holidays, some borrowers will be able to get a second PPP loan. So a second bite at the apple. Accordingly, I want … [Read more...] about PPP Second Draw Loans
Why PPP Borrowers Should Get PPP Tax Break
Sometime soon, Congress will pass additional Covid-19 relief. And probably a key feature of this relief? Giving PPP borrowers a tax deduction for the … [Read more...] about Why PPP Borrowers Should Get PPP Tax Break
PPP Loan Tax Returns: What We Know Now
The IRS provided additional rules for PPP loan tax return preparation this week. In this short post, therefore, I want to review what we now know … [Read more...] about PPP Loan Tax Returns: What We Know Now
Applying for PPP Forgiveness with 3508S Form
On October 7, 2020, the Small Business Administration issued a new rule for PPP loan borrowers who received $50,000 or less in proceeds. That new … [Read more...] about Applying for PPP Forgiveness with 3508S Form