House Votes to Extend PPP Loan Application Deadline until May 31 The Act in its current form was signed into law by President Biden on Mar. 30, 2021. If you are considering a 2nd Draw PPP Loan and thinking through the necessity certification, the SBA recently clarified FAQ 46, stating that Second Draw PPP Loan borrowers must certify, in good faith, that “curr...
SBA Releases Nine New FAQs and Interim Final Rule for PPP On March 3, 2021, the Small Business Administration (SBA) released a Paycheck Protection Program (PPP) Interim Final Rule (IFR) regarding revisions to the loan amount calculation and eligibility. The IFR speaks primarily to PPP borrowers who are sole proprietors or independent contractors who fil...
State Legislation Addressing IRC Conformity to CARES Act As taxpayers begin filing their 2020 income tax returns, there are numerous considerations regarding the state tax treatment of specific provisions of the CARES Act. Understanding state conformity with these provisions is critical ahead of filing state income tax returns. Some states have updated...