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SBA Press Release Number 21-07  January 13, 2021 SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19 The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET.  The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA. Earlier in the week, SBA granted dedicated ...
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The IRS on January 11 sent its Taxpayer First Act Report to Congress – a comprehensive set of recommendations to enhance and reimagine the taxpayer experience and IRS operations. The bipartisan Taxpayer First Act (TFA) ( P.L. 116-25 ), enacted in July 2019, is the most significant reform legislation affecting the structure and operation of the IRS in over 20 years. NSA's Contribution Upon the IRS's request, NSA sent IRS Commissioner Charles Rettig a February 18, 2020, letter in which several proposals were outlined to assist the IRS in its restructuring efforts and preparation of its TFA report to Congress. Although given the opportunity to be a signatory ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 9, 2021 Treasury and the U.S. Small Business Administration (SBA) have issued additional Paycheck Protection Program (PPP) subregulatory guidance and applications. PPP Reopening The PPP is scheduled to reopen the week of January 11. Accordingly, Treasury and the SBA on the evening of January 8 released the following applications for First and Second Draw Loans: PPP Borrower Application Form (Revised 1/8/2021 ), and PPP Second Draw Borrower Application Form (1/8/2021) . Additionally, Treasury and the SBA released on January 8 the following top-line ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 8, 2021 The U.S. Small Business Administration (SBA) is no longer deducting Economic Injury Disaster Loan (EIDL) Advances from Paycheck Protection Program (PPP) loan forgiveness payments remitted by the SBA to PPP lenders. In a January 8 Procedural Notice issued to SBA employees and PPP lenders, the SBA stated that its Forgiveness Platform has been updated and, effective immediately, EIDL Advances will no longer be deducted from forgiveness payments remitted to PPP lenders by the SBA.   The PPP was created under the Coronavirus Aid, Relief, and Economic Security ...
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January 8, 2021 NEWS RELEASE   SBA and Treasury Announce PPP Re-Opening; Issue New Guidance WASHINGTON – The U.S. Small Business Administration (SBA) , in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.  The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 7, 2021 Treasury and the U.S. Small Business Administration (SBA) released late in the evening of January 6 guidance on Paycheck Protection Program (PPP) First and Second Draw Loans. The guidance, released as two interim final rules (IFR), which go straight to the Federal Register and are effective upon publishing, is listed as follows: An 82-page IFR, Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act , which for borrower and lender convenience consolidates the rules and guidance issued to date for PPP forgivable ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 6, 2021 Treasury and the IRS released guidance on January 6 implementing the recent legislative change allowing for the deductibility of expenses paid with a Paycheck Protection Program (PPP) loan. The guidance, Rev. Rule. 2021-2 , comes in response to the enactment of section 276(a) of the COVID-Related Tax Relief Act of 2020 under the Consolidated Appropriations Act, 2021 ( P.L. 116-230 ), which codifies “that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 4, 2021 The U.S. Small Business Administration (SBA) has released a revised Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S that has been updated with a new expiration date. The previously simplified SBA form, which is applicable for PPP loans of $50,000 or less, has been updated to include an expiration date of December 31, 2023. Prior to this version, the expiration date was listed as December 31, 2020. The updated instructions for SBA Form 3508S can be located here .  ###     The core mission of NSA is to help tax and accounting professionals ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications December 31, 2020 The U.S. Small Administration (SBA) is seeking additional public comments on certain Paycheck Protection Program (PPP) information collection forms. The SBA's unpublished notice announcing the next public comment period is scheduled to be published in the Federal Register on January 4, 2021. In particular, the SBA solicits public comments for its Loan Necessity Questionnaires, SBA Form 3509 (For-Profit Borrowers) and SBA Form 3510 (Non-Profit Borrowers). These two information collection forms have garnered a great deal of controversy since being issued ...
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Jessica L. Jeane, J.D., Director of Public Policy & Strategic Communications December 29, 2020 Treasury and the IRS are set to begin sending a second round of Economic Impact Payments (EIPs) as established under the recently enacted Consolidated Appropriations Act, 2021.  President Trump signed the fiscal year 2021 appropriations and economic relief measure into law, which includes the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, on December 27. “Today, the Treasury Department and the Internal Revenue Service will begin delivering a second round of [EIPs] to millions of Americans as part of the implementation of the Coronavirus ...
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Jessica L. Jeane, J.D., Director of Public Policy & Strategic Communications December 22, 2020 The IRS has issued final regulations, ( T.D. 9941 ) on certain accounting changes to sections 451(b) and (c) made under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). The final rules provide guidance on the timing of income inclusion under an accrual method of accounting, including the treatment of advance payments for goods, services, and certain other items. The final regulations follow last year’s proposed rules, ( REG-104870-18 ,) on revised section 451(b), and ( REG-104554-18 ,) on added section 451(c), which codifies  Rev. Proc. 2004-34. Note: ...
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Jessica L. Jeane, J.D., Director of Public Policy & Strategic Communications December 21, 2020 Legislative text has been released for the next bipartisan economic relief package, which includes changes and enhancements to the Paycheck Protection Program (PPP). The 5593-page Consolidated Appropriations Act, 2021 includes several tax-related provisions.  *Please note, for members' convenience the page numbers referenced below are the PDF page numbers for the legislative package in its entirety, not the numbers printed on the individual bills' pages.  PPP Deductibility Generally, members can locate relevant PPP information under the COVID-Related ...
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Jessica L. Jeane, J.D., Director of Public Policy & Strategic Communications December 21, 2020 The bipartisan push on Capitol Hill for Paycheck Protection Program (PPP) deductibility has succeeded. Lawmakers confirmed late in the day on December 20 that a provision clarifying the congressional intent for the PPP that ordinary and necessary business expenses are deductible, even if paid with from a forgiven or forgivable PPP loan, will be included in a COVID-relief package expected to clear Congress today. Additionally, Treasury Secretary Steven Mnuchin has confirmed that PPP deductibility will be included in the soon-to-be released economic relief ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications December 9, 2020 Treasury and the Small Business Administration (SBA) late in the evening of December 9 updated the Paycheck Protection Program (PPP) Loans FAQs regarding the recently imposed and controversial loan necessity questionnaires. Specifically, number 53 of the updated FAQs addresses why some PPP borrowers are receiving a For-Profit and Non-Profit Loan Necessity Questionnaire (SBA Forms 3509 and 3510). Generally, the forms serve to assist the SBA in its assessment and audit of PPP loans of $2 million or more. Recently, the “information collection” questionnaires have ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications December 7, 2020  The National Society of Accountants (NSA) attended on behalf of NSA members the U.S. Small Business Administration’s (SBA) Office of Advocacy December 4 Tax Roundtable discussion on the Paycheck Protection Program (PPP). The overarching consensus among guest speakers and attendees was that the IRS and Treasury’s guidance on PPP deductibility is burdensome to small businesses and not congruent with congressional intent for the forgivable loan program. “This is going to be a surprise for a lot of small businesses and kind of a trap for the unwary,” Tom West, principal ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications December 2, 2020 The U.S. Small Business Administration (SBA) released late in the evening of December 1 the names, addresses, and precise loan amounts of all Paycheck Protection Program (PPP) borrowers. The disclosure comes after the United States District Court for the District of Columbia issued an order last month requiring the SBA to release PPP borrower information. Earlier this year, eleven national news organizations submitted Freedom of Information Act (FOIA) requests seeking records of loans issued under the PPP and the Economic Injury Disaster Loans (EIDL) program ...
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 23, 2020 Treasury and the IRS have released final regulations for section 1031 like-kind exchanges. The final rules, T.D. 9935 , released on November 23, address the Tax Cuts and Jobs Act’s (TCJA) (P.L. 115-97) limitation of section 1031 like-kind exchanges to those of “real" property held for use in a trade or business or for investment. Under the final rules, section 1031(a), as amended by the TCJA, provides that no gain or loss is recognized on the exchange of real property held for productive use in a trade or business or for investment if the relinquished property is exchanged ...
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 20, 2020 Currently, the IRS has approximately three million pieces of mail and one million returns that remain unprocessed, IRS Commissioner Charles “Chuck” Rettig said. The IRS mail backlog is down from where it sat at over five million last month. Testifying before the House Ways and Means Oversight Subcommittee on November 20, Rettig told lawmakers that the IRS is “doing everything we can to reduce this [mail] backlog.” To that end, Rettig also detailed relief being provided for taxpayers who have sent the IRS mail that remained unopened for a certain period of time. NSA ...
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 18, 2020 Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27 , released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan participant who paid or incurred certain otherwise deductible expenses can deduct those expenses in the taxable year in which the expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects the loan to be forgiven. Additionally, the revenue ruling provides guidance ...
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 16, 2020 The U.S. Small Business Administration (SBA) has been granted a temporary stay of the court order requiring the release of all Paycheck Protection Program (PPP) borrower information. The stay, which generally means to stop or suspend a judicial proceeding or order, was granted last week by Judge James E. Boasberg, United States District Court for the District of Columbia, following Judge Boasberg’s November 5 ruling on the matter. The court previously held that the SBA was ordered to disclose the names and addresses of all loan recipients under the PPP and Economic ...
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