Expenses Paid with PPP Funds Not Deductible

On November 18, 2020, the IRS re-affirmed its position that taxpayers cannot claim a deduction for a business expense (that would normally be deductible), if the expense was paid with Paycheck Protection Program (PPP) funds and the business intends to seek PPP loan forgiveness.  This guidance was issued in a revenue ruling (Rev. Rul. 2020-27),…

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PPP Loan Forgiveness Just Got Easier.

In October, the federal government simplified the Paycheck Protection Program (PPP)  loan forgiveness process for PPP loans of $50,000 or less. Small businesses with loans of $50,000 or less will now qualify for full loan forgiveness, even if they lost employees or reduced employees’ salaries.  These businesses are now declared exempt from the statutory reduction…

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Business and Real Estate Recovery

Welcome to Fall, with the continuing pandemic.  As counties change phases and the governors periodically update the social distancing rules, we’ve all become accustomed to looking for updates before planning an event.  This article provides some of the newest, most relevant COVID-19 updates from the past few weeks. Clark County Business Relief Grant Clark County…

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Woman helping young boy with safety mask

Federal, Oregon, & Washington COVID-19 Resources

In addition to the CARES Act, the Family Medical Leave Act, unemployment, and tax guidance, we have collected the following nationwide, Washington, and Oregon COVID-19 resources. Nationwide/Federal COVID-19 Resources What federal government agencies are doing in response to COVID-19 CDC Interim Guidance for Businesses and Employers and environmental cleaning guidance Online health self-assessment, Providence –…

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