Phase 2 of the Paycheck Protection Program: Forgiveness

Phase 2 of the Paycheck Protection Program: Forgiveness

The Paycheck Protection Program begins phase 2: forgiveness! On Friday evening, May 15, the SBA released the PPP Forgiveness Application, with a notable absence of guidance from the treasury. The form and instructions offer borrowers details on how to apply for...
Business owners & Net Operating Losses (NOL’s)

Business owners & Net Operating Losses (NOL’s)

For business owners, the timeline of when taxes are due, your busy season, and the end of the calendar year are at constant odds. To some degree, the IRS recognizes that. In order to tax businesses based on income and not account entries, the IRS allows Net Operating...

+$310 Billion SBA Paycheck Protection Program

Have you heard? The President has just approved and signed legislation awarding $310 billion in new SBA Paycheck Protection Program loan money.  $60 billion of that is specifically set aside for smaller banks and lenders. That is key here for funding. Economic Injury...
Updated IRS tax guidelines business owners need to know

Updated IRS tax guidelines business owners need to know

We communicated earlier this week initial updated tax guidelines from the IRS regarding emergency relief for individuals and small business owners. Well, the IRS has released updated guidance on tax deadlines which supersedes previous guidance: The deadline for making...