U.S. Department of the Treasury announced in today’s press release reopening the Paycheck Protection Program (PPP) for new and certain existing PPP borrowers. As stated in the press release published on January 8, 2020, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw…
The US Small Business Administration and Department of Treasury released guidance late Wednesday night for for the revived and reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs). Full Story: Journal of Accountancy online
The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021. The recent Revenue Ruling 2021-2 allows deductions of eligible expenses for loans taken under the Paycheck Protection Program (PPP). Information regarding the eligibility of expense deductions is available in the IRS publication IR-2021-04 Recently passed the Consolidated Appropriations Act,…