Update, March 2, 2021, 4:20 PM
AICPA urges Congress to extend PPP deadline (Journal of Accountancy)
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Update, March 1, 2021, 2:05 PM
IRS provides guidance for employers claiming the Employee Retention Credit for 2020, including eligibility rules for PPP borrowers (IRS)
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Update February 11, 2021, 9:00 AM
SBA and lenders take more steps to improve Paycheck Protection Program (SBA)
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Update January 26, 8:50 AM
6 tips for CPAs on newest round of PPP funding (Journal of Accountancy)
IRS explains extended payroll tax due dates (Journal of Accountancy)
Banks press Treasury, SBA to fix 'systemic' small business loan glitches (Politico)
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Update January 20, 8:30 AM
Updated PPP loan forgiveness applications and rules unveiled (Journal of Accountancy)
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Update January 19
PPP calculations guidance released (Journal of Accountancy)
Taxpayers need clarity on coordination of ERC and PPP loans (Journal of Accountancy)
PPP Update/Updated First Draw Calculation/Procedural Notice Guidance from SBA:
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Update January 13, 3:20 PM
SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19 (Dept of Treasury)
PPP application dates announced (Journal of Accountancy)
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Update January 11, 7:50 AM
PPP application forms released (Journal of Accountancy)
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Update January 7, 5:00 PM
New PPP guidance issued by SBA, Treasury (Journal of Accountancy)
New CPE scheduled: PPP Loans and Retention Credit webinar January 15 - 2 CPE credits
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Update January 6, 9:01 AM
IRS Releases Guidance: Eligible Paycheck Protection Program expenses now deductible (Revenue Ruling 2021-02)
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Update December 28, 4:25 PM
House passes measure to increase stimulus checks to $2,000.
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Update December 27, 5:58 PM
President Trump has signed the coronavirus relief legislation. Treasury and the SBA now have ten days to issue guidance for how eligible organizations can apply for PPP2.
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Congress passed a new round of COVID stimulus legislation on Monday night, December 21. The package of over $900 billion still awaits President Trump's signature. The legislation includes tax deductibility and another round of PPP dubbed PPP2.
- Within PPP2 there are different rules for those who are first-time borrowers and those who received loans in the first round.
- There is more than $325 billion in aid for small businesses. $12 billion specifically to help businesses in low-income and minority communities.
- PPP2 will permit first-time borrowers from businesses with 500 or fewer employees that are eligible for other SBA 7(s) loans, sole proprietors, independent contractors, eligible self-employed individuals, and 501(c)(6) organizations.
What does this mean for you and your clients and how can you learn about everything included in this legislation? We have compiled a number of resources for CPAs, including articles, videos, and links to online forgiveness forms, as well as CPE opportunities.
Additional information will be added here as further details become available.
Related News, Synopsis Articles and Videos
House passes measure to increase stimulus checks to $2,000 (CNN)
Trump signs coronavirus relief and government funding bill into law after lengthy delay (CNN)
COVID-19 Relief and Response (KPMG)
Trump Slams COVID Relief Bill, Asks For Changes After Bitter Negotiations (NPR)
Many tax provisions appear in year-end coronavirus relief bill (Journal of Accountancy)
COVID-19 relief bill addresses key PPP issues (Journal of Accountancy)
COVID relief, tax extenders wrapped into FY 2021 spending package (Deloitte)
AICPA LinkedIn Live video (AICPA LinkedIn)
AICPA Town Hall 12/23 (AICPA.TV)
Breaking down the $900B stimulus package and $1.4T omnibus bill (Politico)
All You Need To Know About Round Two Of Covid-Related Stimulus Checks (Forbes)
PPP And EIDL Loan Advances And Changes Under New Act (Forbes)
New coronavirus stimulus package contains some big tax items (AccountingToday)
Businesses get $100B tax write-off windfall in aid bill (AccountingToday)
Bill Text and Summaries
The text of the new COVID Stimulus spending package, H.R. 133
A division-by-division summary of the appropriations provisions
A division-by-division summary of the coronavirus relief provisions
A division-by-division of the authorizing matters
Tools
PPPForgivenessTool.com - a free resource to assist small business owners in automating the loan forgiveness
application process for their PPP funding. Business owners, and their accountants, can use this tool to fill out their PPP forgiveness application online, receive an automatic forgiveness eligibility calculation and be provided with all the government-mandated forms needed to submit for lender forgiveness.
WSCPA CPE Programs
The following CPE programs covered the tax implications of the legislation:
Maximizing the Employee Retention Credit WEBINAR, February 10 - 2 CPE credits
Tax Advisor's Update with Chris Hesse, January 25 or 26 – 8 CPE credits
PPP Loans and Retention Credit webinar, January 15 - 2 CPE credits
2020 Federal Tax Update with Greg & George, January 6 – 8 CPE credits
2020 Federal Tax Update for Business with Greg and George, December 30 – 4 CPE credits
2020 Federal Tax Update for Individuals with Greg & George, December 30 – 4 CPE credits