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.

New Statute of Limitations on PPP Loan Fraud

By ANGELA LAWRENCE

On August 5, 2022, President Biden signed the PPP and Bank Fraud Enforcement Harmonization Act of 2022, which establishes a 10-year statute of limitations for civil enforcement and criminal charges against borrowers who engage in fraud relating to Paycheck Protection Program (PPP) loans.

Paycheck Protection Program – Where Are We Now?

By LAURA WEBER-CARNEVALE

The Paycheck Protection Program (PPP) was one of the Small Business Administration’s (SBA) most popular COVID-19 relief programs and officially came to a close at the end of June. These loans were in such high demand primarily because of the possibility of loan forgiveness, assuming certain conditions were met. Now that the ten-month covered period is quickly winding down, the attention amongst borrowers has shifted to the loan forgiveness process.  Many PPP first draw loans have an August, September, or October 2021 deadline to apply for forgiveness, so now is the time to start evaluating how to maximize PPP forgiveness and the Employee Retention Credit.

Preparing for PPP Loan Forgiveness

By LAURA WEBER-CARNEVALE

The Paycheck Protection Program (PPP) has been one of the most popular COVID-19 economic relief options available through the Small Business Administration (SBA). Since its rollout as part of the CARES Act in 2020, more than 6.6M loans were approved, totaling $277B. Over this time, the PPP has undergone dozens of updates, changes, and extensions. When the SBA announced on May 4, 2021, that the PPP funds had been exhausted, potential applicants were left to explore other options to help their business or nonprofit organization survive and emerge on the other side of the pandemic.

Beyond the PPP: Alternative Funding Options to Consider

By Klatzkin Tax Team

The light at the end of the tunnel is shining brighter for many New Jersey and Pennsylvania-area individuals and families. The distribution of the vaccine combined with reductions in COVID-19 cases has resulted in the rollback of government orders. As the end of the pandemic appears to be drawing closer, the unfortunate reality is that many businesses are still struggling to recover.

PPP Loan Audits: What You Need to Know

By LAURA WEBER-CARNEVALE

The Paycheck Protection Program (PPP) is one of the most popular COVID-19 relief programs offered by the Small Business Administration (SBA). There have been more than 132,000 and 150,000 loans issued in New Jersey and Pennsylvania, respectively.

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.

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 Klatzkin Tax Team

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.

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