Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
SBA Reviews of Individual PPP Loans The SBA may review any PPP loan, as they deem appropriate SBA may review whether a borrower is eligible for the PPP loan based on provisions of the CARES Act, the rules and guidance available at the time of the borrower’s PPP loan...
Interim Final Rule on PPP Loan Forgiveness
These Interim Final Rules were issued on May 22, 2020 Updates were made to the rule on June 22, 2020 and we have updated this page as of June 26, 2020. This post should be used in conjunction with our May 19, 2020 (Updated June 26, 2020) blog which can be found here....
PPP Forgiveness Application: Highlights and Helpful Tips
This blog was updated on June 18, 2020 - New Form 3508 EZ Loan Application You can apply for forgiveness of your PPP loan using the SBA Form 3508EZ if you can qualify for one of the three situations below: The Borrower is a self-employed individual, independent...
SBA and Treasury Create Good Faith Certification Safe Harbor for PPP Loans Under $2 Million
The U.S. Department of the Treasury and the Small Business Administration have released updated Paycheck Protection Program FAQs which state that “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2...
CARES Act Waived Required Minimum Distributions for 2020
We've updated this blog with recently issued guidance. Click here to read the updated blog. The CARES Act waived required minimum distributions (RMDs) for 2020. However, some taxpayers may have already taken distributions from retirement accounts in 2020. Under...
How to Calculate Maximum PPP Loan Amounts
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses...
PPP Expenses Deemed Nondeductible by IRS
The forgiveness of the Paycheck Protection Program (PPP) was deemed as nontaxable by the CARES Act. However, last night, 4/30/2020, the IRS released IRS Notice 20-32 which provided guidance that the expenses used to document and earn forgiveness for the PPP loan would...
PPP & EIDL Receive New Round of Funding
A new relief package, The Paycheck Protection Program and Health Care Enhancement Act, passed the House yesterday and President Trump is expected to sign the bill into law today. The relief bill includes the following: $310 billion to replenish the Paycheck Protection...
COVID-19 Paid Sick Leave Credit and Paid Family Leave Credit
H.R. 6201, the “Families First Coronavirus Response Act”, which was passed on March 18, 2020, enacted two refundable tax credits to provide relief amidst the COVID-19 (Coronavirus) pandemic. We outline the credits below. Paid Sick Leave Refundable Credit Conditions:...
Strategies for Maximizing Your Advanced Recovery Rebate Checks
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law by President Trump on March 27, 2020 provides for individuals to receive advanced rebate checks or "stimulus checks" in the coming weeks and months. While this will take time to implement,...