In March, President Trump signed the CARES Act into law, which included the Paycheck Protection Program (PPP). Congressional intent of the CARES Act was to allow for continued payroll deductibility, even for the amount forgiven under the PPP loan program. However, the IRS later issued a notice that the forgiven PPP loan amounts are not deductible as it would result in a so-called “double tax benefit.”

Jonathan Sarager

Late Wednesday, the Senate passed the Paycheck Protection Program Flexibility Act, which had previously passed the House. The bill is now set for President Trump’s signature.

This legislation amends several provisions of the PPP, the forgivable loan program designed to help small businesses keep their workers on the payroll during the COVID-19 pandemic.

The Payroll Threshold

Cory Lunde

At the direction of the WG board of directors, the association will oppose the “split roll” initiative set to appear on the California ballot in November 2020.

Currently, there are two versions of the ballot initiative. The first version, the California Tax on Commercial and Industrial Properties for Education and Local Government Funding Initiative, qualified as an initiated constitutional amendment on October 15, 2018.

Cory Lunde

Nearly $200 billion of the $310 billion authorized for round two of the small business Paycheck Protection Program (PPP) has been exhausted. If your business is planning on applying for the PPP, you are encouraged to do so immediately, as the forgivable loans are allocated on a first-come, first-served basis.

Cory Lunde

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