The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Important Changes to the EIDL and PPP

By LAURA WEBER-CARNEVALE

The challenges presented by a year-long struggle against the COVID-19 pandemic continue to persist for New Jersey and Pennsylvania-area individuals and businesses.

What Businesses Need to Know About the American Rescue Plan

By JOHN BLAKE

On March 12, 2021, President Biden signed the American Rescue Plan (ARP) Act of 2021. The fourth piece of COVID-19 relief legislation passed since the pandemic started, the ARP provides over $1.9T in relief for individuals, families, and businesses.

New PPP Loan Calculation Guidance

By LAURA WEBER-CARNEVALE

This month, the Small Business Administration (SBA) issued a new Interim Final Rule changing the loan calculation formula for specific Payroll Protection Program (PPP) applicants. The sweeping changes apply to self-employed business owners, independent contractors, and sole proprietors, with or without employees.

New PPP Changes Benefit Small Businesses and Nonprofits

By JOHN BLAKE

The Paycheck Protection Program (PPP) has provided millions of financial relief to New Jersey and Pennsylvania-area businesses and nonprofit organizations. It was reported by the Small Business Administration (SBA) since the start of 2021 that $133.5B in loans have been issued with an average amount of $73,966. These loans have helped businesses and nonprofits manage through the persistent pandemic.

PPP Round 2: Determining and Demonstrating Loan Eligibility

By CHRISTOPHER S. MAYNARD

Throughout the COVID-19 pandemic, many independent schools have made changes that balance compliance with government orders and students’ educational needs. In doing this, school leaders remain concerned about their institutions’ financial stability, and many are seeking new funding sources heading into 2021.

PPP Loan Accounting Guidance for Nonprofits

By THOMAS H. MARTIN

Paycheck Protection Program (PPP) loans have been a lifeline for many nonprofit organizations during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.

PPP Loan Maximum Calculations for Nonprofits

By CHRISTOPHER S. MAYNARD

The Consolidated Appropriations Act, 2021, created many new opportunities for New Jersey and Pennsylvania-area nonprofit organizations.

PPP Loan Accounting Guidance for Business Entities

By MICHELE D. SLOCUM

Paycheck Protection Program (PPP) loans have been a lifeline for many businesses during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.

COVID-19 Relief Opportunities for Nonprofit Organizations

By MICHELLE S. MARTIN

The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations.

SBA Releases Procedural Notice on PPP Loan Increases

By JOHN BLAKE

The expanded Paycheck Protection Program (PPP) reopened today for lenders with less than $1 billion in assets and will open for all other lenders on January 19, 2021. Certain existing PPP borrowers can apply in either application window for a first-draw or second-draw (PPP2) loan.

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