On May 15, Treasury released the Paycheck Protection Program Loan Forgiveness Application. This application provides some insight related to questions on loan forgiveness.
Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.
On May 3, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification.
As this crisis continues to bring uncertainty to the economic landscape, the construction industry is feeling the impact. To assist contractors during uncertain times, the Smith Schafer Construction Experts are providing a list of the Top 10 Questions we hear in the industry.
On Thursday, April 30, the IRS released Notice 2020-32. It disallows a tax deduction for any expenses paid via a forgiven Paycheck Protection Program (PPP) loan.