Monthly Archive: May 2020

Paycheck Protection Program Update No. 2020-06

SBA extends safe harbor for returning PPP funds The U.S. Small Business Administration (SBA) has extended the safe-harbor period for returning Paycheck Protection Program (PPP) funds by one week to May 14th. The SBA initially provided a May 7th deadline for…
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Paycheck Protection Program (Update)

On Thursday, April 30th, the IRS released guidance stating that any expenses (salaries, health insurance, utilities, rent) paid from Paycheck Protection Program (PPP) forgivable loan funds will not be tax-deductible. The IRS released guidance (Notice 2020-32) to explain that a taxpayer…
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