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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 […]

IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan

AAFCPAs would like to make clients aware that on Thursday, April 30th, the IRS issued Notice 2020-32 providing tax compliance clarity related to Paycheck Protection Program (PPP) funds. Under Notice 2020-32 the IRS concludes that no deduction is allowed for an expense that results in forgiveness under section 1106(b) of the Coronavirus Aid, Relief, and […]

New SBA Guidance Requires PPP Funding Recipients to Consider Returning the Funds by May 18

Update May 14th, 2020 The initial allocation of $349 billion in Paycheck Protection Program (PPP) funds, made available on April 3rd, 2020, were disbursed to 1.6 million applicants in just 14 days. As part of the loan process, borrowers were required to make a good faith certification “that the uncertainty of the current economic conditions […]

Businesses May Defer Social Security Tax Up Until PPP Loan is Forgiven

AAFCPAs would like to make clients aware that the IRS recently released answers to Frequently Asked Questions on the deferral of employment tax deposits as provided by Section 2302 of the CARES Act. These FAQs make clear that “employers who received a paycheck protection program (PPP) loan may not defer the deposit and payment of […]

Paycheck Protection Program Loans: Tracking Costs

AAFCPAs has provided the following guidance and a tracking template to ensure clients who secured a Paycheck Protection Program (PPP) loan or are currently pursuing the loan are maximizing their opportunity for debt forgiveness. Maximum Loan Value Calculation Clients are advised to assess and familiarize yourself with the calculation of the maximum loan value used […]

Congress Announces Additional Appropriations for Disaster Loans

Congress Announces Additional Appropriations for Disaster Loans

AAFCPAs would like to make clients aware that Congress announced today an additional $310 billion in funding for the very popular Paycheck Protection Program (PPP). The PPP was initially introduced by the CARES Act on March 27th, 2020. $60 billion of the additional $310 billion will be allocated to small lenders and community banks. Other […]

Webinar OnDemand: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act

Webinar OnDemand: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act

OnDemand Webinar – Watch Below The Coronavirus pandemic has spawned a flurry of stimulus legislation and efforts taken by Congress, the Treasury, the IRS, and state & local governments to ease the impact on businesses and individuals. The most sweeping changes have come from Congress’s coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security […]

SBA Disaster Loan Funds Exhausted

As you may now be aware, the US Small Business Administration (SBA) announced today, April 16th, that Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Funds have been depleted and applications are on hold. Congress is in the process of negotiating a new relief measure that may include a pool of additional funds […]

CARES Act Healthcare Provider Relief Fund

AAFCPAs would like to make healthcare providers aware that as part of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, $100 billion in Provider Relief Funds was pledged to hospitals and other healthcare providers. These funds are designed to reimburse healthcare-related expenses and lost revenue related to COVID-19, and to guarantee uninsured Americans […]

Federal Reserve Authorizes Main Street Loans for Companies Impacted by COVID-19

AAFCPAs would like to make clients aware that the Federal Reserve, effective April 9, 2020, authorized a series of programs to provide up to $2.3 trillion in loans to households, businesses, and state and local governments struggling to deal with the COVID-19 pandemic. AAFCPAs has provided the below overview based on available information of the […]