The IRS Criminal Investigation department (IRS-CI) has partnered with the Justice Department to uncover and prosecute fraudulent activities related to the federal government’s COVID relief programs. To date, the IRS has conducted 840 investigations involving fraud amounts totaling more than... Read More
The SBA and lenders originated over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses. Now they have made it easier to get forgiveness of PPP loans of $150,000 or less. The SBA has... Read More
Taxpayers who did not take deductions in 2020 because of the IRS’s earlier position on forgiven PPP loans may be able to take the deductions in 2021, according to new IRS guidance. In the early days of the PPP program,... Read More
The SBA has launched the Restaurant Revitalization Fund program which offers restaurants, bars and other food and drink businesses grants of up to $10 million based on their lost revenue during the pandemic. The $28.6 billion program was authorized by... Read More
The last stimulus bill, the American Rescue Plan Act, authorizes a new program, the Restaurant Revitalization Fund, to give $28.6 billion in grants to restaurants, bars, food trucks and other food and drink establishments based on their lost revenue during... Read More
The PPP loan program has gotten another boost from Congress in the American Rescue Plan Act of 2021 with an additional $7.5 billion in funding. The latest COVID relief legislation also expands the eligibility of news organizations and non-profits for... Read More
Larger stimulus payments and extended unemployment compensation are the provisions getting the most press in the new $1.9 trillion COVID-19 relief legislation, the American Rescue Plan Act of 2021, but the 663-page bill has other provisions of note, including several... Read More
The SBA has implemented new procedures for PPP loans to improve the speed of processing loans and resolving data mismatches and to make it easier to validate eligibility for the loans and forgiveness. Besides changes to the program administration, the... Read More
By A.J. Hurst, CPA We would all be challenged to find an organization at this point that has not been impacted by COVID-19. Most healthcare providers have felt the far-reaching impacts of the pandemic. Many of our provider clients have... Read More
The Small Business Administration (SBA) has launched the next phase of the PPP loan program, with second draw loans available for existing recipients and more money for first-time borrowers. Guidance on the expanded program was released just over two weeks... Read More
