PPP Loans Round 2

PPP Loan Opening Dates – Round 2

PPP Loan Opening Dates The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday January 15, 2021 for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced. The opening, which will take place at 9 a.m. ET, applies for both first- and second-draw PPP loans.…

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2020 Year-End Tax Planning for Individuals  

2020 Year-End Tax Planning for Individuals As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier…

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New Guidance Issued on President Trump’s Memorandum on Deferral of Employees’ Share of Social Security Tax

On August 8, 2020, President Donald J. Trump signed an executive memorandum directing the U.S. Department of the Treasury (Treasury) to allow deferral of the withholding, deposit, and payment of the employee portion of the 6.2 percent Social Security tax (but not the 1.45 percent Medicare tax) for the period of September 1, 2020, through…

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Congress made updates to the Paycheck protection program

Treasury issues FAQ’s on PPP

Treasury Issues FAQ’s on PPP On April 6, 2020 The Treasury Department  issued updated FAQ’s which clears up most of the confusion in the computation of the maximum loan amount and discusses other matters under the Paycheck Protection Program. Some of the major clarifications are as follows: The Gross Payroll approach should be used for…

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