Your Full-Service Accounting + Business Growth Advisory Partner

Search Results for “ppp

PPP Flexibility Act Passes Senate, significantly decreases barrier to loan forgiveness

By Travis Miskowitz The Senate unanimously approved H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. By passing the House bill, the Senate avoids a long and drawn out reconciliation process. The President is expected to sign the bill into law quickly. While the bill provides much needed flexibility to small businesses, there is […]

Latest PPP Loan Forgiveness Guidance Released: Fails to Address Two Key Requirements

On Friday May 22nd, the Small Business Administration (SBA) and the Treasury Department issued two new Interim Final Rules (IFR): one covering Loan Forgiveness and the other covering Loan Review Procedures.  The loan forgiveness guidance, which builds upon the loan forgiveness application and instructions that were released May 15th, still does not make changes to […]

PPP Loan Forgiveness Application – Overview of Required Documentation

By Tricia Meola On May 15th, the Small Business Administration released the highly anticipated Paycheck Protection Program Loan Forgiveness Application. The application is lengthy, the calculations are complex, and the instructions aren’t the most straight-forward. At first (and second) glance, the application process is quite overwhelming!  In order to assist you, we are going to […]

PPP FAQ

Paycheck Protection Program (PPP) Frequently Asked Questions What is the Paycheck Protection Program? The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The program provides small businesses with funds to pay […]

Are You Applying For the PPP in Good Faith? How to Document Your PPP Loan Application Decision

By Travis Miskowitz One important aspect of applying for a PPP loan is certifying in good faith that your loan request is necessary. The PPP application asks you whether “current economic uncertainty makes your loan request necessary to support your ongoing operations.” We have put together this list of considerations to help you assess in […]

Expenses Relating to PPP Forgiveness are Nondeductible

By Evan Gernant On Thursday, April 30, the IRS issued Notice 2020-32 clarifying that to the extent a Paycheck Protection Program (PPP) loan is forgiven, the associated expenses will be nondeductible for federal tax purposes.  The CARES Act made it clear that any amount of forgiveness of a PPP loan would be non-taxable.  What was […]

The Path to PPP Loan Forgiveness: Start Preparing Right Away

Update: On Friday, May 15th, the SBA released the application for Paycheck Protection Program Loan forgiveness. Please see this article, which highlights key elements and guidance to the application process. By Travis Miskowitz Paycheck Protection Program (PPP) loans are designed to be forgiven, but it doesn’t happen automatically. It’s best to get a plan in […]


Copyright 2020, Wiss & Company, LLP Accountants & Consultants. All rights reserved.