Small Business Paycheck Protection Program

+ PPP Services & Peer Review (5-26-21)

+ Guidance: Franchise Tax & PPP Loan Forgiveness (5-21-21)

+ Restaurant Revitalization Fund to stop accepting applications (5-19-21)

+ Abbott Signs Texas Franchise Tax Exception for Forgiven PPP Loans (5-14-21)

+ IRS Clarifies Pandemic Relief for Dependent Care (5-11-21)

+ SBA Sending First $2 billion in Restaurant Revitalization Fund Payments (5-10-21)

+ Pandemic Government Relief: Details, allocations provided (5-10-21)

+ SBA Stops Accepting New PPP applications - Funds Run Out (5-5-21)

+ SBA Delays SVOG Reopening to April 26 (4-24-21)

+ Expenses Paid with 2020 PPP Loans Deductible in 2021 (4-22-21)

+ Tips: Applying NFP accounting rules for PPP funds (4-19-21)

+ SBA to Reopen Shuttered Venue Operators Grant Portal (4-19-21)

+ PPP Funds Running Low (4-5-21)

+ Biden Signs PPP Deadline Extension into Law (3-25-21)

+ Restaurant Revitalization Fund Targets April Launch (3-25-21)

+ New PPP guidance implements changes from American Rescue Plan Act (3-18-21)

+ AICPA asks for guidance on S corp. and partnership PPP loan forgiveness (3-16-21)

+ PPP extension bills gain backing of business groups  (3-16-21)

+ SBA defers EIDL payments until 2022  (3-15-21)

+ The Case for PPP Deadline Extension (3-9-21)

+ AICPA calls on SBA to change 'unfair' PPP guidance, deadline (3-5-21)

+ Treasury Guidance: Paycheck Protection FAQs (3-3-21)

+ PPP Rules Adjusted for Self-Employed (3-3-21)

+ AICPA Urges PPP Deadline Extension (3-2-21)

+ To Tax or Not to Tax: Should PPP Loans That Are Forgiven Under Federal Law be Subject to the Texas Franchise Tax? (2-25-21)

COVID Updates

New PPP Guidance & Forms

+ Procedural Notice PPP Borrower Resubmissions of Loan Forgiveness Applications, Lender Notice Responsibilities, and Offset of Remittances for Lender Debts (1/15/21)

+ Procedural Notice Paycheck Protection Program Excess Loan Amount Errors (1/15/21)

+ How to Calculate Maximum Loan Amounts for First Draw and What Documentation to Provide By Business Type (1/17/21)

+ Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (1/19/21)

+ Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (1/19/21)

+ PPP Loan Forgiveness Application Form 3508 (Revised 1/19/21)

+ PPP Loan Forgiveness Application Form 3508EZ (Revised 1/19/21)

+ PPP Loan Forgiveness Application Form 3508S (Revised 1/19/21)

+ Borrower’s Disclosure of Certain Controlling Interests (1/19/21)

PCPS Sample

Tool: Forgiveness Form Decision Tree
Description: The Small Business Administration (SBA) has released three forms and corresponding sets of instructions to be used by borrowers when applying for forgiveness of the Paycheck Protection Program (PPP) loans. The PCPS Forgiveness Form Decision Tree will walk borrowers through the key questions and considerations to keep in mind when selecting the appropriate forgiveness form. With easy to read Yes/No questions, borrowers can follow the guides to come to a tentative conclusion about the form that will work best for their particular circumstances.

This tool is an example of the turnkey practice management tools and resources PCPS delivers. PCPS is an add-on firm membership section within the AICPA. A PCPS firm membership, at only $35 per CPA, up to a max of $700 per firm, is a great investment for a broad range of practice management resources. Find out if you are already a PCPS member or register for a virtual tour to learn more.