PIA National has issued an action alert urging Congress to prevent a surprise tax on Paycheck Protection Program (PPP) loan recipients. Included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act was a provision stating that any portion of a PPP loan that qualified for loan forgiveness “shall be excluded from gross income” for …
Continue reading PIA Calls on Congress to Prevent Surprise Tax on PPP Loan Recipients
On October 19, 2020, the U.S. Small Business Administration (SBA) and the Treasury Department issued interim final rules (IFR) revising the process for some businesses to seek Paycheck Protection Program (PPP) loan forgiveness and lender evaluation of loan forgiveness applications submitted in accordance with the new process. These IFR offer additional guidance to further simplify …
Continue reading SBA Simplifies Forgiveness Process for Some PPP Loans
Earlier this year, the U.S. Small Business Administration (SBA) issued an interim final rule (IFR) regarding the process for appealing SBA loan decisions under the Paycheck Protection Program (PPP). This IFR sets forth the process for a PPP borrower to appeal certain SBA loan review decisions made in connection with a PPP loan to the …
Continue reading Loan Forgiveness and the Paycheck Protection Program
Although the House is poised to return early to address issues related to Postal Service funding, Congress is no closer to a deal on a new coronavirus package than it was last week, when the Senate recessed with plans to return in September. However, the creaky wheels of the administrative state have continued to turn …
The White House’s negotiations with Capitol Hill over a fourth coronavirus economic stimulus package failed last week after three weeks of ultimately fruitless talks. The failure to make a deal leaves businesses and employees left to survive financially as coronavirus cases rise, and several states roll back orders to reopen businesses, keeping many of them …
Continue reading Further Coronavirus Relief Uncertain; Executive Actions Taken
In July, PIA National submitted comments on two different regulatory proposals promulgated by the Small Business Administration (SBA) concerning the implementation of the Paycheck Protection Program (PPP). Since then, regulatory activity has continued apace in formal and informal ways. The latest entry in the growing literature on How to Interpret the PPP is an August …
Continue reading Paycheck Protection Program Clarifications Continue
Tonight, the U.S. House passed S. 4116 by unanimous consent. The bill extends the deadline for businesses to apply for coronavirus aid through the Paycheck Protection Program until August 8th. This action follows the U.S. Senate which passed the bill last night hours before the program’s authorization to lend funds expired. The program still has …
Continue reading House Passes Paycheck Protection Program Extension
On June 30, a few hours before the Paycheck Protection Program (PPP) expired, the U.S. Senate passed by unanimous consent a bill to extend the deadline for businesses to apply for coronavirus PPP aid until August 8th. The program’s authorization to give out money ended June 30 with over $130 billion left unused. The U.S. …
Continue reading Senate Passes Paycheck Protection Program Deadline Extension
As the country continues to grapple with the health and financial effects of the coronavirus, the summer season is upon us, and with it comes an effort by Congress to put together one more large coronavirus relief bill. PIA National spent much of the spring encouraging Congress to provide immediate financial assistance to small businesses …
Continue reading Busy July Ahead for Potential Coronavirus Legislation
PIA National was joined by over 100 other business groups to support the Jumpstarting Our Businesses’ Success Credit (JOBS Credit) Act of 2020 (H.R. 6776), which will make several improvements to the Employee Retention Tax Credit (ERTC). The ERTC, which was created by the CARES Act, encourages businesses of all sizes to retain their employees, …
Continue reading PIA Supports Employee Tax Credit Reform Bill
