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.
Congress Passes $900 Billion Coronavirus Relief Bill Yesterday, a months-long stalemate came to an end when Congress passed the “Consolidated Appropriations Act, 2021.” 5,593 pages in length, the package includes another round of direct stimulus checks to individuals, extended and enhanced unemployment benefits and approximately $300 billion for the popular Paycheck Protection Program (PPP).
Deductibility of PPP-Funded Expenses In guidance issued on November 18th, the IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan because the income associated with the forgiveness is excluded from gross income
Walz Announces Testing Expansion Minnesota Governor Tim Walz announced today, November 9th, that a barrier-free COVID-19 saliva testing site is opening at the Minneapolis Convention Center. The Minneapolis location is the eighth saliva testing location to open in Minnesota. In the next two weeks, 11 sites will be opened across Minnesota with partners at
Section 179 Tax Relief Passes in MN Special Session On October 15th, in its fifth special session, the Minnesota Legislature passed a bill to conform to Section 179 expensing effective for tax year 2020 – providing $208 million in tax relief over the next three years. Section 179 of the federal tax code dictates