Tag Archives: Paycheck Protection Program
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Client Alert: Key Provisions in the Consolidated Appropriations Act of 2021
The Consolidated Appropriations Act, 2021 (“CAA 2021") was passed by Congress on December 21, 2020 and signed into law by the President on December 27, 2020. A few highlights of the new law include the following: Small businesses with fewer than 300 employees which can establish a 25% or more drop in gross receipts during the 1st, ... Read More
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Client Alert: Payment Protection Program Grants May Result in Unexpected Taxable Income
The Paycheck Protection Program (“PPP”) enacted through the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) is the government relief program that provided loans to small businesses to cover payroll, rent or mortgage payments and utilities. The loan may be forgiven under certain prescribed circumstances. The issue for recipients now is how to account for the funds. There ... Read More
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Client Alert: Sorting Through The Various COVID-19 Relief Programs and Conflicting Guidance on Loan Forgiveness
Small businesses and charities may be sorting through the various programs recently enacted and signed into law, trying to figure out which one is best. While each business or charity is unique and no one option is best for all, bets can be hedged and more than one program may be utilized. The Paycheck Protection Program (“PPP”) enacted through the ... Read More