Coronavirus

A week after the release of the Paycheck Protection Program (PPP) loan forgiveness application, the Small Business Administration (SBA) has issued a new round of guidance. On May 22, 2020, the SBA issued two interim final rules addressing loan forgiveness, loan review procedures, and borrower and lender responsibilities. This amounted to 45 additional pages of…

Borrowers have waited weeks for more guidance on the loan forgiveness aspect of the Paycheck Protection Program. Over the weekend, the SBA released Form 3508, the application that PPP borrowers will use to apply for loan forgiveness. Form 3508 and its instructions clarified many (but not all) of the questions raised by our clients. The…

Yesterday, the Small Business Administration (SBA) added question #46 to its running list of FAQs, which provided both good news and clarity for Paycheck Protection Program (PPP) borrowers. Background Only after thousands of companies received PPP loan disbursements, Treasury Secretary Steve Mnuchin stated the PPP was not intended for large companies with access to capital.…

Recorded: May 11, 2020 ATKG’s tax experts discuss the fast paced, ever changing financial impact facing our nation. ATKG remains committed to bringing you the most current information related to the CARES Act. We are here to guide you through the complex tax changes and help define what they mean to you and your business.…

In an effort to help businesses through the ongoing COVID-19 pandemic, the Federal Reserve has unveiled details of a new loan program called the Main Street Lending Program. Unlike the Paycheck Protection Program (PPP) administered through the SBA, the loans issued through the Main Street Lending Program are NOT forgivable, and the principal must be…

The Paycheck Protection Program (PPP) offers forgivable loans to businesses to cover payroll costs, mortgage interest, rent, and utilities. One of the benefits of the program is that any loan forgiveness is not includable in taxable income. Yesterday, the IRS released Notice 2020-32 to clarify that expenses paid with forgiven PPP funds are not deductible. The Notice refers to Internal…

Recorded: April 30, 2020 ATKG’s tax experts discuss the fast paced, ever changing financial impact facing our nation. ATKG remains committed to bringing you the most current information related to the CARES Act. We are here to guide you through the complex tax changes and help define what they mean to you and your business.…

On Monday, Governor Greg Abbott issued Executive Order GA-18 which announced his statewide stay-at-home order would expire on Thursday, April 30th allowing some businesses to reopen this Friday.  The Governor’s announcement is accompanied by Texans Helping Texas: The Governor’s Report to Open Texas. Texas will take a phased approach to reopening which allows government officials…

Much to the dismay of countless small businesses, the Paycheck Protection Program (PPP) was depleted of its original funding late last week. In an effort to replenish the Program, Congress pulled together the Paycheck Protection Program and Health Care Enhancement Act, which President Trump signed into law today. The Act increases the funding available for PPP loans while also…

ATKG understands that many business and individuals are facing unprecedented challenges – as well as opportunities. We want to reassure you that the ATKG team is fully operational and available to assist with all your financial, tax, and accounting needs. Here are a few of our services that may be more relevant than ever. Let our…