Congress has passed a Paycheck Protection Program (PPP) Flexibility Act which as of June 4 has not been signed by the President, although he is likely to do so. The legislation addresses many of the problems and concerns among small business owners about the loan...
I have seen some rumors going around (on big media no less) that have incorrectly characterized some IRS guidance regarding Paycheck Protection Program (PPP) loans and how the loan, loan forgiveness, and deductibility of expenses will be handled. To say that major media outlets screwed...
There are lots of questions about the use of Paycheck Protection Program (PPP) loan proceeds. Most employers understand the requirement of using 75% of the loan on their payroll costs. But one question, among many, that arose dealt with what happens to the loan amount...