Paycheck Protection Program

The American Institute of CPAs is asking the Small Business Administration to fix some problems that businesses are encountering when applying for loans from the Paycheck Protection Program.

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Hiring and wages at small businesses ticked upward slightly last month despite the ongoing economic fallout from the COVID-19 pandemic.

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As a fresh round of federal relief loans is getting distributed to U.S. small firms hit by a pandemic crisis that will soon stretch to a year, new research shows that last year’s tranches of the Paycheck Protection Program covered less than a month of business expenses.

Small businesses in Nebraska, Oklahoma and other rural states have been the most successful at getting federal pandemic relief in the $284 billion round of aid that opened this month, buoyed by a new rule that authorizes loans to many farms that didn’t qualify before.

The U.S. Small Business Administration is pledging to improve the loan review process, even as it pursues a record number of fraud complaints.

Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.

The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation.

The software vendor has updated its free website with interactive tools to help small business owners and the self-employed assess their eligibility for federal relief and related tax credits.

CPA firms will be in a great position to help their small business clients with the latest round of the Paycheck Protection Program, according to Barry Melancon.

Here are five ways the latest round of the Paycheck Protection Program is different.

The U.S. Small Business Administration plans to reopen the Paycheck Protection Program to small lenders on Friday and to all lenders next Tuesday.

The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.

Growth in small business jobs and wages declined last month as a result of the novel coronavirus pandemic, according to payroll giant Paychex.

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

The Internal Revenue Service and the Treasury Department released guidance on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven.