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Insights Payment Protection Program

Get Ready to Report – Provider Relief Funds

July 2, 2021 Healthcare

If your healthcare business received (or will receive) certain funds from the federal government related to COVID-19 then you should familiarize yourself with some very important dates recently announced by the Department of Health and Human Services (“HHS”). Failure to abide by the reporting requirements before the deadlines could lead…

IRS Releases Additional Guidance on Non-Deductibility of PPP-Funded Expenses

November 23, 2020 Payment Protection Program

Last week, the Internal Revenue Service (“IRS”) issued two pieces of guidance—Revenue Procedure 2020—51 and Revenue Ruling 2020-27—reiterating its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (“PPP”) loan and clarifying the…

Simpler Forgiveness Application for Small PPP Loans

October 13, 2020 Payment Protection Program

Last Thursday, October 8, the Small Business Administration (“SBA”) released a simplified application form (Form 3508S) and instructions for Paycheck Protection Program (“PPP”) loans of $50,000 or less. Any qualifying PPP borrower that uses the new two-page application is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time…