PPP Update: Two New Rules for Owners of S & C Corporations The Payroll Protection Program (PPP) rules—they keep a-changing. During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP): More forgiveness. [...]

Seven Things To Know Before You Take Out EIDL Loan Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent [...]

All About Limited Liability Companies(LLC)   LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs with two or more members multimember LLCs. Key point: LLCs are not corporations. But LLCs [...]

Four PPP Forgiveness Answers for S-Corp Owner-Employees Tax law definitions do not apply to much of the Payroll Protection Program (PPP), making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. Spouse Owns S Corporation Question. My wife owns 100 percent of the S corporation. She has a [...]

How Law Makers Working to Make PPP Loan Expenses Deductible & How You Can Help As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money. Let’s [...]