Hey Compliance Warriors! Yesterday afternoon, the Senate voted YES on H.R.7010 – Paycheck Protection Program Flexibility Act of 2020. This means a lot of good news for employers who have been struggling to fulfill the requirements of the original PPP. Read on…
Tag: PPP loan
Hey Compliance Warriors! If your PPP loan wasn’t quite enough, or if you weren’t able to get to it because of the first-come-first-serve nature of it, then you can try an MSLP loan. They’re quite different from PPP loans so read the details carefully below. Read on… Article Via: hollandhart.com “The Board of Governors of […]
Hey Compliance Warriors! Yesterday, Friday, May 15th, 2020, the SBA and U.S. Treasury released the highly anticipated PPP Loan Forgiveness Application. The application and instructions total 11 pages and come with new instructions for the confusing FTE calculations and a 2-part application/worksheet combo. We were also told which documents must be submitted along with your worksheets […]
Hey Compliance Warriors! We’ve talked about CARES and PPP quite a lot over the last couple of months. However, if you aren’t abreast of the situation, this article will give you a nice quick look into those two acts and what employers need to know during these times. Read on… Article Via: Law.com As state […]
Employment Law Blogs, HR News, payroll law
IRS Says Expenses Paid with Forgiven PPP Loans are Not Tax Deductible
Hey Compliance Warriors! The Internal Revenue Service on April 30 issued guidance that states that employers who received loans through the Paycheck Protection Program (PPP) will not be eligible for tax deductions on expenses if payment of those expenses funded by the loan results in the loan being forgiven. Read on…