As federal, state, and local governments pass legislation and offer guidance in response to the coronavirus pandemic, SurePayroll continues monitoring the landscape to provide helpful information to our small business customers and accountant partners.
Update 3/30/21: On Tuesday, March 30, President Biden signed into law a 2 month extension for the current round of Paycheck Protection Program funding. In order to receive funds through the program, eligible businesses will need to apply by May 31st.
Update, 1/14/21: The Paycheck Protection Program began a phased reopening for loan applications on January 11; the program will be open to all participating lenders and eligible borrowers, including both first and second draw applicants, on January 19. First draw applicants can access the loan application here. There is a separate application form for eligible businesses seeking a second draw loan. Need to find an SBA-approved lender? We can help.
The IRS and U.S. Treasury Department released guidance pertaining to the Paycheck Protection Program (PPP) on November 18, 2020, to clarify how to deal with covered expenses for a PPP loan that is not forgiven in the year it was received:
- PPP loan expenses are only deductible if a loan is not forgiven
The IRS encourages those who have received a PPP loan to file for forgiveness as soon as possible. We can help with the forgiveness process.
SurePayroll.com provides access to resources and tools, including our PPP Loan Forgiveness Estimator. A more robust version of the estimator — available to customers— provides additional efficiencies such as auto-populated data and a form to submit with the forgiveness application.
SurePayroll customer? Log in to access the estimator.
Noting that several Senate Finance Committee members said they would “encourage Treasury to reconsider its position on the deductibility of these expenses,” we will continue to monitor for any additional clarifications or updates to this guidance as part of our ongoing monitoring of COVID-19-related legislative and regulatory updates.
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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.
