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New PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs

AAFCPAs would like to make clients aware that the U.S. Treasury and Small Business Administration (SBA) released an interim final rule Monday, August 24th, addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of non-payroll costs. Specifically, the new guidelines state that an owner-employee in a C or S corporation who […]

Supreme Court to Hear Challenge to The Affordable Care Act

AAFCPAs would like to make our clients aware that we are closely monitoring the case of Texas v. U.S., which is challenging the constitutionality of the tax provisions of the Affordable Care Act (ACA). The lower court has found the ACA’s minimum essential coverage provision to be unconstitutional. In that finding, the court raises the question […]

Tax Relief for Low-Income Housing Tax Credit and Bond Participants

AAFCPAs would like to make clients aware that, in response to the COVID-19 pandemic, the Internal Revenue Service announced it is providing low-income housing tax credit (LIHTC) participants temporary relief from key program requirements. The relief is detailed in Notice 2020-53 released on July 1st, 2020. This guidance relaxes certain LIHTC requirements under Section 42 of […]

Guidance on the SBA’s New Applications for PPP Loan Forgiveness

On June 16th the Small Business Administration (SBA) released a series of new applications and instructions for the forgiveness calculation for the Paycheck Protection Program (PPP) loans. The application has been broken down into two documents: application and instructions. A new, simpler EZ form with corresponding instructions has also been introduced. AAFCPAs has provided for […]

Deadline to Apply for PPP Loan is June 30, 2020

AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available. AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent […]

PPP Flexibility Act Extends Covered Period of Loan

AAFCPAs would like to make clients aware that on June 5, 2020 the President signed into effect the Paycheck Protection Program (PPP) Flexibility Act, which would provide greater flexibility in how businesses may spend PPP loan proceeds. The act provides new flexibility to PPP borrowers, including: Expanding the original 8-week forgiveness period to 24 weeks. […]

PPP Guidance on Hazard Pay, Bonuses, and Employees Who Decline to Return

AAFCPAs would like to make clients aware that the Small Business Administration (SBA) released an interim final rule on May 22nd confirming and clarifying a few points related to the Paycheck Protection Program (PPP) forgiveness calculation. Hazard Pay & Bonuses On page 11 of the interim final rule, the SBA clarifies that bonuses or hazard […]

Webinar OnDemand: AAFCPAs’ Guidance on SBA Loan Forgiveness Application

Webinar OnDemand: AAFCPAs’ Guidance on SBA Loan Forgiveness Application

On Friday, May 15, 2020, the Small Business Administration (SBA) released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application & Instructions. When the PPP loan program was announced back in March, it left business owners and their advisors with more questions than answers. The application and instructions are not without issues, but they do […]

AAFCPAs Guidance on SBA Loan Forgiveness Application

UPDATE: On June 5th, the president signed into law the PPP flexibility act. You may read about those changes here: PPP Flexibility Act Extends Covered Period of Loan. As of June 16th, the SBA has yet to update their forgiveness application and therefore this blog will be updated once a new version of the application […]

PPP Safe Harbor Extended to May 18

AAFCPAs would like to make clients aware that in their most recent Paycheck Protection Program (PPP) Loan Frequently Asked Questions (FAQs), the Treasury and the Small Business Administration (SBA) announced an additional extension of the “safe harbor” deadline for recipients of PPP loans. PPP loan borrowers are now allowed to return the money to the […]