ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds20201120130620
ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds
November 20, 2020
Under section 1106(i) of the CARES Act, the amount of a loan forgiven under the Payroll Protection Program (PPP) is excluded from taxable income. A loan may be forgiven under the PPP Program if the proceeds are used towards eligible payroll costs, interest on covered mortgage obligations, covered re...
SBA’s Loan Necessity Questionnaire20201103134128
SBA’s Loan Necessity Questionnaire
November 3, 2020
The SBA, when reviewing applications for PPP loan forgiveness, have been requesting additional information. Included in this additional information has been a “Loan Necessity Questionnaire” that is required to be completed within 10 business days of receipt from your Lender....
