The U.S. Small Business Administration plans to reopen the Paycheck Protection Program to small lenders on Friday and to all lenders next Tuesday.
The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.
The Internal Revenue Service and the Treasury Department released guidance on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven.
The initial direct deposits of the second round of economic impact payments are already going out to taxpayers.
With a CARES Act fix stalled along with stimulus legislation, the institute is urging CPAs to put pressure on their representatives.
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.
The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven.
But the federal government has been able to correct some of its earlier missteps, like sending millions of stimulus checks to the deceased, according to the Government Accountability Office.
The Trump administration said it’s recovered almost 70 percent of $1.6 billion in relief payments mistakenly sent to dead people.