At the very end of December 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 21) into law. This included the second draw of PPP loans, stimulus checks, plus a list of tax deductions, credits, and extensions. In order to best assist you in sifting through the mountain of available information, we have curated…
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Many private company owners who borrowed Paycheck Protection Program (PPP) funds have questions on how to account for the initial loan and subsequent forgiveness. Primarily, does the accounting follow existing debt guidance, or is the loan, in substance, a government grant? Two methods are available to you as a result of two different accounting standards.…
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Updated July 11, 2020 The Paycheck Protection Program is a great safe benefit to employers but there have been huge conflicts on eligibility for PPP loans for farmers using labor contractors. In fact, many, if not most, have labor contractors instead of traditional employees. Immediately after the CARES Act passed, there was a lot of…
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Updated July 11, 2020 The CARES Act created assistance for business owners struggling to pay to their employees during the shelter-in-place orders. Among other programs is the Payroll Tax Credit. It’s a significant tax break and we recommend taking advantage of it if you meet the criteria. The credit is one of several methods for…
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June 1, 2020 Hello and welcome to our next installment of Off the Cuff. Today, I’d like to talk a little bit about the loan forgiveness provisions related to the Paycheck Protection Program. Forgiveness Application In the last week, the Treasury Department has come out with a loan application for forgiveness, along with additional guidance…
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May 29, 2020 Hello, and welcome to our next installment of Off the Cuff. Today, I’d like to chat a little bit about the Paycheck Protection Program. The Paycheck Protection Program was approved by Congress and signed by the president on March 27th. Many of you have received funds or are in the process of…
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