Posts by Author Aprio
Apply for an RRF Grant in 4 Simple Steps
At a Glance: The Main Takeaway: The SBA will open the Restaurant Revitalization Fund (RRF) grant application portal on May 3 and is allowing applicants to register as early as April 30. Impact on Your Business: The $28.6 billion in RRF funding will go fast, so your business must act now to obtain the grant…
Read MoreFAQs: Applying for the Restaurant Revitalization Fund Grant
At a Glance: On April 17, the U.S. Small Business Administration (SBA) released its landing page about the Restaurant Revitalization Fund (RRF) grants, serving as a comprehensive guide to the program. The SBA has also released a sample RRF grant application. The application portal could be open as soon as May 1, 2021. On April…
Read MoreHere’s an Easier Way to Understand Your ERC Eligibility
At a Glance: THE MAIN TAKEAWAY: The Consolidated Appropriations Act provided millions more businesses the opportunity to be eligible for the Employee Retention Credit (ERC). IMPACT ON YOUR BUSINESS: Sifting through the complex jargon can be difficult, especially if there are significant changes that have happened in your business due to the pandemic. NEXT STEPS:…
Read MoreWebinar: Tax Implications of PPP Loans
The CARES Act stated that forgiveness of a Paycheck Protection Program (PPP) loan would be considered tax-exempt income, but it failed to address the impact of the associated expenses paid. On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 which provides needed clarity on a taxpayers’ ability to deduct eligible expenses for PPP…
Read MoreThe Top 10 PPP changes in the Bipartisan Emergency COVID Relief Act of 2020
On December 21, 2020, Congress passed the Emergency Coronavirus Relief Act (the Act), a component of the Consolidated Appropriations Act, 2021, which includes significant updates to the Paycheck Protection Program (PPP). The Act will make $284.45 billion of additional funds available for the PPP and $13.5 billion for Economic Injury Disaster Loans also overseen by…
Read MoreWhat You Need to Know About PPP Economic Uncertainty Certification
On December 9, 2020, the Small Business Administration (SBA) released Paycheck Protection (PPP) Loan FAQ 53 which answers the question “Why are some PPP borrowers receiving a Loan Necessity Questionnaire?” As we previously discussed, the loan necessity questionnaires, Form 3509 (for–profit borrowers) and Form 3510 (nonprofit borrowers), provide insight into how the SBA will evaluate a borrower’s “need” certification. FAQ 46 clarified that any borrower that, together with its affiliates, received PPP loans with an original principal amount…
Read MorePPP Loan Necessity Questionnaire and More Documentation Requirements
For many borrowers of Paycheck Protection Program (PPP) loans, the loan necessity questionnaires – Form 3509 (used by for-profit entities) and Form 3510 (used by nonprofit entities) – have caused concern pertaining to the defined “need” for a PPP loan. The questionnaires request information that borrowers were not privy to when certifying that “current economic conditions make the loan necessary to support ongoing operations.” We at…
Read MoreSBA Releases Details of PPP Loan Borrowers
On December 1, 2020, per order from U.S. District Judge James Boasberg, the Small Business Administration (SBA) released the names, addresses and precise loan amounts for each Paycheck Protection Program (PPP) borrower. Details of these federally backed borrowings originating from PPP loans and Economic Injury Disaster Loans (EIDL) were set to be released on November…
Read MorePPP Loan Forgiveness Application Update: Clarifications on Application Timeline and Owner Compensation
On June 22, 2020, the U.S. Small Business Administration (SBA) released Paycheck Protection Program (PPP) – Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule. This guidance details two notable changes impacting PPP loan borrowers, including: 1) when a borrower can apply for loan forgiveness and 2) expanded limitations on owner compensation. The updated regulations also make minor updates to…
Read MoreHow to Turn 2020 Losses into 2019 Deductions
Congress and the Department of Treasury’s responses to the COVID-19 pandemic have provided corporate and individual taxpayers with a myriad of short- and long-term tax breaks. While public attention has been seized by the $2 trillion CARES Act and $190 billion FFCRA, there is an existing tax provision that permits taxpayers to claim otherwise deductible…
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