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PPP Application

STATE INCOME TAX TREATMENT OF PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS AND EXPENSE DEDUCTIONS
STATE INCOME TAX TREATMENT OF PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS AND EXPENSE DEDUCTIONS 400 400 SAX - Advisory, Audit and Accounting

As a reaction to the economic conditions of the COVID-19 pandemic, the federal government has established a series of relief packages for businesses, including the Paycheck Protection Program (PPP). 

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Payroll

DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients
DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients 400 400 SAX - Advisory, Audit and Accounting

Due to legislation passed in late December 2020, eligible employers with a Paycheck Protection Program (PPP) loan can now claim the employee retention credit (ERC) when they previously could not.

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Loan Application

NJEDA Defers Pre-Registration Date for Phase 2 of the Small Business Emergency Assistance Loan Program
NJEDA Defers Pre-Registration Date for Phase 2 of the Small Business Emergency Assistance Loan Program 400 400 SAX - Advisory, Audit and Accounting

The New Jersey Economic Development Authority (NJEDA) recently announced that the date for pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program, which was originally scheduled to…

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Qualified Opportunity Fund

IRS Extends Additional Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Pandemic
IRS Extends Additional Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Pandemic 400 400 SAX - Advisory, Audit and Accounting

Quick Recap On the evening of January 19, the IRS issued Notice 2021-10 that provides additional relief by extending certain deadlines for investing in Qualified Opportunity Funds (“QOFs”) and relaxed…

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Paycheck Protection Program Borrower Application Form

SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS
SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS 400 400 SAX - Advisory, Audit and Accounting

On January 19, 2021, the Small Business Administration (SBA) released the revised Form 3508S for First Draw and Second Draw Paycheck Protection Program (PPP) borrowers seeking forgiveness on loans of…

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Paycheck Protection Program

SBA and Treasury Issue Guidance for First Draw and Second Draw PPP Borrowers
SBA and Treasury Issue Guidance for First Draw and Second Draw PPP Borrowers 400 400 SAX - Advisory, Audit and Accounting

With the recent re-opening of the Paycheck Protection Program (PPP) portals for all borrowers, the Small Business Administration (SBA), in conjunction with the U.S. Treasury Department, has been busy issuing…

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SBA WILL RE-OPEN PPP TO SMALL LENDERS ON JANUARY 15 AND ALL LENDERS ON JANUARY 19
SBA WILL RE-OPEN PPP TO SMALL LENDERS ON JANUARY 15 AND ALL LENDERS ON JANUARY 19 150 150 SAX - Advisory, Audit and Accounting

On January 13, 2021, the Small Business Administration (SBA) and U.S. Department of Treasury announced that the Paycheck Protection Program will re-open its portal for eligible lenders to apply for…

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Loans

SBA Extends EIDL Program to December 31, 2021
SBA Extends EIDL Program to December 31, 2021 400 400 SAX - Advisory, Audit and Accounting

On December 30, 2020, the Small Business Administration (SBA) extended the deadline to apply for Economic Injury Disaster Loans (EIDLs) from December 31, 2020 to December 31, 2021, pending the…

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SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires
SBA Issues FAQ surrounding PPP Loan Necessity Questionnaires 150 150 SAX - Advisory, Audit and Accounting

Earlier in 2020, the Small Business Administration (SBA) released loan necessity questionnaires for public comment for both For-Profit Borrowers (Form 3509) and Not-For-Profit Borrowers (Form 3510) with loans of $2…

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IRS

IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses
IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses 400 400 SAX - Advisory, Audit and Accounting

While not the news borrowers were hoping for, on November 18, 2020, the Internal Revenue Service issued Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to provide clarity in situations where…

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