Sousa & Weber News

8 06, 2020

Paycheck Protection Program Flexibility Act of 2020 – HR 1070

By |2020-06-08T19:21:28+00:00June 8th, 2020|COVID-19, Small Business, Sousa & Weber News|Comments Off on Paycheck Protection Program Flexibility Act of 2020 – HR 1070

The Paycheck Protection Program Flexibility Act (HR 7010) was signed into law on June 5, 2020.  We thought it would be helpful to share what we have gleaned from the bill so that you can [...]

4 05, 2020

IRS Guidance for Accounting for PPP Loans

By |2020-05-13T21:59:12+00:00May 4th, 2020|Accounting Tips, COVID-19, Sousa & Weber News, Tax and Auditing|Comments Off on IRS Guidance for Accounting for PPP Loans

The IRS has issued new guidance related to the accounting for PPP loans in Notice 2020-32.  The IRS’ position is that while loan forgiveness is excluded from gross income, the expenses that resulted in qualification [...]

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