Showing 2 posts from June 2020.
Payroll Protection Program Flexibility Act
On June 3, 2020, the U.S. Senate passed the Paycheck Protection Program Flexibility Act which was previously approved by the House of Representatives on May 28, 2020. The Flexibility Act was written and considered in response to concerns raised by Payroll Protection Program (PPP) loan borrowers. While this law has not yet been approved by the President, it is expected to be signed without change. Once signed by the President, we anticipate the Small Business Administration (SBA) and Department of Treasury will issue guidance pertaining to the Flexibility Act, including a new form forgiveness application. The following is a summary of the highlights of the Flexibility Act and resulting changes to the PPP provisions of the CARES Act.
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Tax Deductions for COVID-19 Losses
The COVID-19 disaster has caused significant financial losses for many businesses and their owners. Whether a business is owned by a sole proprietor, or by a Limited Liability Company, Partnership, or S Corporation treated as pass-through entity for income tax purposes, or by an entity taxable as a C Corporation, there are opportunities for the business and/or its owner(s) to use current year business and investment losses to obtain refunds of taxes paid in prior years.
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