From the IRS Newswire The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02, reflects changes to […]
The Act provides assistance to qualifying small businesses by reformulating and reopening the Paycheck Protection Program (PPP). Here are some of the details you should know: To qualify for the second draw, businesses must have less than 300 employees and have experienced a reduction of at least 25% of their gross revenues in any quarter […]
The Senate and House have reached an agreement on a 5,593 page, $908 billion pandemic economic stimulus package. Also included in the agreement is a $1.4 trillion budget to fund the federal government through September 2021, and several tax extenders scheduled to expire at the end of 2020.
Provisions of the relief package include: