MN Taxation of PPP Currently, the proposals for treatment of PPP tax forgiveness from the Minnesota House and Senate are different. The Senate tax bill provides full forgiveness on all PPP loans of any amount, while the House caps the forgiveness at $350,000 per loan. So, there would be tax liability on any PPP
PPP Extended Until May 31 Yesterday, the Senate passed legislation by a 92-7 margin to extend the deadline for Paycheck Protection Program (PPP) loan applications to May 31. Under the legislation, which overwhelmingly passed the House a week earlier, PPP applicants have until May 31 to apply for a loan and the Small Business Administration
$1.9T COVID Stimulus Package As you likely know by now, a sweeping $1.9 trillion COVID-19 stimulus package has been passed by Congress and signed by President Biden. The bill, titled the American Rescue Plan, includes another round of stimulus checks up to $1,400 for most Americans; extended, additional unemployment benefits for millions of Americans
Biden Administration Takes Steps to Promote Equitable Access to SBA Relief On Monday, February 22, President Biden announced the following changes to SBA’s coronavirus relief programs to ensure equity: Starting on Wednesday, February 24, 2021 at 9 am EST, the Small Business Administration will establish a 14-day, exclusive PPP loan application period for businesses
New Worker Safety Guidelines from OSHA On January 29, the U.S. Department of Labor/OSHA issued new guidance for workplaces to help identify risks of being exposed to and/or contracting COVID-19 at work and to help them determine appropriate control measures to implement. The information can be found here. This guidance contains recommendations as well
Update on 1/15/21: It’s just been announced that the Paycheck Protection Program (PPP) loan portal will be re-opened to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to
More Info on the Consolidated Appropriations Act, 2021 Our partners at CBIZ have provided an excellent analysis of the most recent coronavirus relief legislation passed by Congress and ultimately signed by the White House on December 27th. Go here to learn more about the tax and PPP loan provisions in the new legislation.