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Will the PPP Loan be the “Free Money” Everyone Thought it Was? Small businesses who received a Payroll Protection Program (PPP) loans, may lose out on tax deductions. On April 30th, the IRS published a notice which ruled out deductions for wages, rent, and utilities paid with forgivable PPP loans. “This treatment prevents a double tax benefit,” the agency said in the notice. “This conclusion is consistent with prior guidance o...
With the next round of the PPP imminent, lets review the Payroll Protection Program with 10 statistics. $349 billion in relief were approved for the first round of the Payroll Protection Program. The application process was opened April 3rd and funds were exhausted by April 16th. The SBA approved 14 years’ worth of loans in 14 days. 6 million companies received loans – only 5% of the 30.2 million small businesses in the US. The ave...
Good morning! I just came across this information this morning. I wanted to share it right away, as it goes live today, April 20th, at 3:00 PM ET. The U.S. Chamber of Commerce launches a nationwide “Save Small Business Initiative” today. The program has been created to address small businesses' immediate needs and includes supplemental financial assistance in the form of a $5000 grant from the Save Small Business Fund. To qualif...
Most of our small business clients have put in the time and effort, as well as stress, and have submitted applications for the SBA Disaster Loan (EIDL), and most recently the Payroll Protection Program loan (PPP). Now the question is – Where’s the money? Let’s start with the Small Business Association (SBA). The SBA’s “E-Tram” system, which banks must use to authorize loans, has had nothing but technical problems since Fri...
We received the following in a newsletter from TaxSpeaker this morning. We asked them for permission to share this with you as it really sums up the current situation our clients are finding themselves in. Bob Jennings has been educating tax professionals who service small businesses for over 40 years, and we go to him for most of our continuing education, including live seminars and webinars. We would love to hear your feedback. He...
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