Tag Archives: PPP.Loans

IRS Appears to Add Requirement for Individuals to Include Statement on PPP Loan Forgiveness for 2021 Personal Returns

Posted on December 6, 2021 by Russ

On Friday, the IRS released draft instructions for Form 1040.  Buried on page 23 of the instructions (page 24 of the PDF) is the following: Forgiveness of Paycheck Protection Program (PPP) Loans The forgiveness of a PPP Loan creates tax-exempt … Continue reading →

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SBA Releases New Simplified Forgiveness Form for PPP Loans

Posted on January 20, 2021 by Russ

When Congress passed the budget reconciliation act that contained the second Covid-related stimulus, one piece of the legislation was a simplified form for Paycheck Protection Program (PPP) loan forgiveness. Late yesterday, the Small Business Administration released the newest version of … Continue reading →

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Expenses Associated with PPP Loans to be Fully Deductible

Posted on December 21, 2020 by Russ

According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in … Continue reading →

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Wait

Posted on November 24, 2020 by Russ

I sometimes listen to music while working. I have a ~900 song playlist I cycle through, and today White Lion’s Wait came on. (White Lion was a hair band–if you watch the linked video, you will see why.) And it … Continue reading →

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PPP: When Free Money Isn’t So Free

Posted on May 1, 2020 by Russ

The Paycheck Protection Program (PPP) loans seem too good to be true. You get money for paying employees and necessary expenses, and they might not have to be repaid! It’s free money. Well, not so fast. Yesterday, the IRS released … Continue reading →

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Professional Gamblers (and Other Gambling Businesses) Now Eligible for PPP Loans

Posted on April 24, 2020 by Russ

The Small Business Administration today released new guidance on the Paycheck Protection Plan (PPP) loans. Included in the guidance is an FAQ that states: Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that … Continue reading →

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