The Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions on Friday, May 15, 2020.
The SBA form has instructions that include:
On Thursday, April 30, 2020, the IRS released Notice 2020-32. Specifically, “this notice clarifies that no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to section 1106(b) of the Coronavirus Aid, Relief
On Friday, April 10th, the IRS released an FAQ for Deferral of Employment Tax Deposits and Payments as relief during the COVID-19 pandemic. These FAQs address specific issues related to the CARES Act, which allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer
On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief