Posts by Aprio Author
Podcast: PPP Recipients Now Eligible for ERC – How to Maximize the Benefit
This is BIG NEWS for PPP borrowers: Businesses that received a PPP loan are now eligible for the Employee Retention Credit (assuming President Trump signs the Consolidated Appropriations Act of 2021 into law). Hear from Justin Elanjian, CPA and Partner at Aprio, what strategies you need to be considering when it comes to maximizing the…
Read MoreWebinar: Unpacking PPP Updates from the Latest Stimulus Bill
The Consolidated Appropriations Act, 2021 (the Act) was passed by Congress on December 21 and includes some significant changes to the Paycheck Protection Program (PPP). The Act not only provides for a second draw for certain borrowers, but it includes a flurry of changes to existing PPP loans, highlighted by modifications to the tax implications,…
Read MoreEnhancements to the Employee Retention Credit
Monday, December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021 (the Act) which included several enhancements to the Employee Retention Credit (ERC). The most prominent change is that businesses that received a loan pursuant to the Paycheck Protection Program (PPP) are now eligible for the ERC. The ERC is designed to encourage businesses…
Read MorePodcast: PPP 2.0 Everything You Need To Know with Justin Elanjian
What’s changing with PPP? Take 20 minutes and listen to Cloud Accounting’s Podcast. This bonus Episode 206 is an overview of the top 10 things accountants need to know about PPP 2.0. Featuring Aprio’s PPP expert Justin Elanjian, CPA, who has done over 100 PPP webinars this year!
Read MoreThe Top 10 PPP changes in the pending Bipartisan Emergency COVID Relief Act of 2020
This week, details on the Emergency Coronavirus Relief Act were released and the proposed legislation includes significant updates to the Paycheck Protection Program (PPP). If approved, the bipartisan bill will make $267.5 billion additional funds available for PPP loans and $13.5 billion for Economic Injury Disaster Loans also overseen by the Small Business Association. Congress…
Read More“Economic Uncertainty?” PPP Loan Forgiveness Requirements Contextualized
This 4 minute, 30-second video clip from a recent PPP webinar, features Aprio PPP experts Justin Elanjian and Tommy Lee. They share some insights and advice that they give to clients who are participating in the Paycheck Protection Program.
Read MoreAICPA Pushes Back on PPP Loan Necessity Questionnaire Response backed by 80 National Organizations
We previously discussed the U.S. Small Business Administration’s (SBA) issuance of two loan necessity questionnaires, Form 3509 (used by for-profit entities) and Form 3510 (used by nonprofit entities). This issuance was the first indication from the SBA as to how they might evaluate a business who borrowed $2 million or greater, together with their affiliates, “needed” their Paycheck Protection Program (PPP) loan. Upon applying for a PPP loan, all borrowers were required to…
Read MoreIRS Clarifies Tax Implications of PPP Funds
On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 (Ruling) which provides needed clarity on a taxpayers’ ability to deduct eligible expenses for Paycheck Protection Program (PPP) loan forgiveness. The Ruling notes that a taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed…
Read MoreSBA Releases Proposed PPP Loan Necessity Questionnaires for Borrowers $2M or Greater
On October 26, 2020, the U.S. Small Business Administration (SBA) issued a notice seeking approval from the Office of Management and Budget (OMB) for the collection of information from recipients, together with affiliates, of Paycheck Protection Program (PPP) loans of $2 million or greater. The notice provides for the issuance of two loan necessity questionnaires,…
Read MoreWhich PPP Loan Forgiveness Application is right for you?
The ever-changing guidance for the Paycheck Protection Program (PPP) loan has caused borrowers to rethink their strategies several times. Now that your Covered Period is over and you’re ready to apply for forgiveness, there’s yet another decision ahead – how to know which of the three PPP loan forgiveness applications is right for you. Aprio’s PPP…
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