Insights
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The IRS issued new rulings on November 18, 2020 in the form of Revenue Ruling 2020-27 and Revenue Procedure 2020-51, announcing guidance on the tax deductibility of expenses related to Paycheck Protection Program (PPP) loans that have not yet been forgiven.

The U.S. Small Business Administration (SBA) announced last week that it will be issuing Loan Necessity Questionnaires to Paycheck Protection Program (PPP) Borrowers that, together with their affiliates, received PPP loans with an original principal amount of $2 million or more.

A few days ago, the U.S. Small Business Administration (SBA) released a new Paycheck Protection Program (PPP) loan forgiveness application, Form 3508S, intended to “simplify further the forgiveness and loan review processes for PPP loans of $50,000 or less.”

Last night, August 24, 2020, the U.S. Small Business Administration (SBA) released an interim final rule (IFR) entitled Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.