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Category: COVID-19

Guidance issued on deductibility of expenses with a PPP loan

On Nov. 18, the IRS and Treasury issued Revenue Ruling 2020-27 which provides long-awaited guidance on the tax treatment of expenses related to Paycheck Protection Program (PPP) loans. The guidance states that the expenses listed in section 1106(b) of the CARES Act that would otherwise be deductible will not be allowed in the taxable year that the expenses were paid […]

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Understanding the 3 PPP forgiveness applications: Which one to use

The Paycheck Protection Program (PPP) from the Small Business Administration (SBA) and Treasury has had many updates over the past few months including changes to timelines and forgiveness applications. Among these changes was the introduction of three different types of forgiveness applications: 1. FORM 3508 – The Standard Application 2. FORM 3508EZ – The EZ […]

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How COVID-19 impacts succession planning for construction firms

The construction industry has experienced an ideal business transition environment over the last decade but was hit hard by the COVID-19 pandemic in early 2020. Suddenly, all the growth and opportunity for M&A came to a halt as markets slowed and states went into lockdown. These events left many construction industry leaders wondering when, or even if, they’ll be able to […]

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PPP loans of $50,000 or less get simplified rules from the SBA

The Small Business Administration (SBA) and Treasury announced on October 8 that a simplified application (Form 3508S) for Paycheck Protection Program (PPP) loan forgiveness is now available for borrowers whose loans fall in the $50,000 or less threshold. As more and more businesses begin filing for PPP loan forgiveness, this change outlined in a new interim final rule greatly simplifies the process for borrowers […]

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Buying or selling a business with a PPP loan: What you need to know

With the M&A market in flux after all the unexpected challenges of 2020, buyers and sellers are likely wondering how their Paycheck Protection Program (PPP) loan comes into play in an M&A transaction. On Oct. 2, we got some answers when the Small Business Administration (SBA) released guidance on what to do if you are […]

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