Small Business Loan Warning Doesn’t Get to Heart of the Issue - Eric Yauch, Tax Notes. "The government’s recent guidance that said some large companies that received small business loans should consider giving that money back has businesses wondering if they’ll run afoul of the law’s vague certification standards."
This is bold
The Small Business Administration and Treasury updated an FAQ April 23 to clarify that applicants seeking Paycheck Protection Program (PPP) loans that are public companies with substantial market value and access to capital markets likely can’t certify in good faith that they need the loans. The warning wasn’t just for large public companies — the FAQ says all borrowers should carefully review the certification language before applying for a loan.
https://www.taxnotes.com/lr/resolve/tax-notes-today-federal/small-business-loan-warning-doesn%E2%80%99t-get-to-heart-of-the-issue/2cg0x
https://www.taxnotes.com/tax-notes-today-federal/legislation-and-lawmaking/small-business-loan-warning-doesnt-get-heart-issue/2020/04/24/2cg0x - Eric Yauch
https://www.taxnotes.com/tax-notes-today-federal/legislation-and-lawmaking/small-business-loan-warning-doesnt-get-heart-issue/2020/04/24/2cg0x - Eric Yauch
https://www.taxnotes.com/tax-notes-today-federal/legislation-and-lawmaking/small-business-loan-warning-doesnt-get-heart-issue/2020/04/24/2cg0x - Eric Yauch, "The government’s recent guidance that said some large companies that received small business loans should consider giving that money back has businesses wondering if they’ll run afoul of the law’s vague certification standards."
Small Business Loan Warning Doesn’t Get to Heart of the Issue - Eric Yauch, Tax Notes "The government’s recent guidance that said some large companies that received small business loans should consider giving that money back has businesses wondering if they’ll run afoul of the law’s vague certification standards."
The Small Business Administration and Treasury updated an FAQ April 23 to clarify that applicants seeking Paycheck Protection Program (PPP) loans that are public companies with substantial market value and access to capital markets likely can’t certify in good faith that they need the loans. The warning wasn’t just for large public companies — the FAQ says all borrowers should carefully review the certification language before applying for a loan.
Small Business Loan Warning Doesn’t Get to Heart of the Issue
Small Business Loan Warning Doesn’t Get to Heart of the Issue
Miss Out On A Paycheck Protection Program Loan? Don’t Forget About The Employee Retention Credit – Tony Nitti, Forbes. “Just as was the goal of the PPP, the ERC is designed to encourage employers to continue to pay employees during the economic downtown. Only instead of a forgivable loan, the benefit is in the form of a payroll tax credit.”
In short, a for-profit business or tax-exempt organization can claim a refundable payroll tax credit of up to $5,000 per employee for wages paid between March 12 and December 31, 2020, but only for wages paid during a calendar quarter in which the business is either:
1) Shut down by government order, or
2) Experiencing a large drop in year-over-year gross receipts.
The credit may be offset in advance against anticipated payroll tax deposits, leaving more cash in the hands of the business throughout the remainder of 2020.
Related: What to Know About the Employee Retention Credit
Virginia Beach Dishes Out Coronavirus Meals-Tax Holiday – Kay Bell, Don’t Mess With Taxes. “Virginia City diners are getting a two-month tax break on meals they purchase from local restaurants and pick up or have delivered.”
IRS Announces New PTIN User Fee in Proposed Regulations – Frank Colella, Procedurally Taxing. “The IRS has announced, in Notice of Proposed Rulemaking REG-117138-17, the imposition of a new PTIN (practitioner tax identification number) user fee. The proposed regulations require tax practitioners to pay $21 (plus a vendor fee) to obtain, or renew, their PTIN.”
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