Updates to SBA’s PPP loan FAQ for borrowers and lenders (authored by RSM US LLP)
We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders.
Research Results
IRS issues employee retention credit gross receipt exclusion procedure (authored by RSM US LLP)
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions (authored by RSM US LLP)
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Withdrawal of SBA loan necessity questionnaire for PPP loans (authored by RSM US LLP)
The SBA has formally notified PPP lenders that it no longer will require submission of loan necessity questionnaires. Learn more.
SBA announces opening date for restaurant program – April 30, 2021 (authored by RSM US LLP)
SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.
Paid leave for employees impacted by COVID-19 in 2021 (authored by RSM US LLP)
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
SBA releases draft application and program guide for restaurant fund (authored by RSM US LLP)
SBA releases draft application as well as a program guide for the Restaurant Revitalization Fund. Potential applications should review.
Restaurant Revitalization Fund is coming – an update on what we know (authored by RSM US LLP)
The Restaurant Revitalization Fund is coming - SBA website soon to be operational - applicants should be ready.
The IRS provides further guidance on the Employee Retention Tax Credit (authored by RSM US LLP)
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
The American Rescue Plan Act of 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law to help address the impact of the coronavirus pandemic. In this video, we will cover the major features for both businesses and individuals of the $1.9 trillion plan.
President Biden signs American Rescue Plan Act of 2021 (authored by RSM US LLP)
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
Guidance issued for employers claiming the Employee Retention Credit (authored by RSM US LLP)
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Exclusive access period coming to PPP; other changes forthcoming (authored by RSM US LLP)
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
Liquidity opportunities: PPP and Employee Retention Credit (ERC) (authored by RSM US LLP)
The paycheck protection program (PPP) combined with the Employee Retention Credit (ERC) can help middle market companies achieve liquidity.
What You Need To Know About Form 1099-NEC
In 2020, the IRS introduced Form 1099-NEC for reporting nonemployee compensation. Learn about Form 1099-NEC and how it differs from Form 1099-MISC.