September 22, 2020
Jessica L. Jeane
Director of Public Policy and Communications
The White House and the IRS are spotlighting National Small Business Week, declared by President Trump to span September 20 through September 26, 2020. The Small Business Administration (SBA) hosts its National Small Business Week virtual conference September 22 through September 24, 2020.
“Our Nation’s more than 30 million small businesses, which employ nearly half the private-sector workforce and create two-thirds of all net new jobs, are the key to propelling our economy to the prosperity levels America has enjoyed over the past 3 years,” the White House said in a proclamation this week. “That is why, as part of our extraordinary, whole-of-government economic response to the coronavirus, we have placed the small business sector front and center. We have delivered nearly three quarters of a trillion dollars in timely, economic relief to distressed small business entrepreneurs and their employees throughout the country, including $525 billion in Paycheck Protection Program (PPP) loans, $190 billion in COVID‑19 Economic Injury Disaster Loans (EIDL), $20 billion in EIDL Advance grants, and additional healthcare funding.”
Mnuchin: Trump Supports More PPP Funding
Additionally, Treasury Secretary Steven Mnuchin said on September 22, “the president would very much support signing into law additional PPP money immediately.” The small business loan program enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) continues to remain a focus among some bipartisan lawmakers and the Trump administration alike, however, chances of Congress clearing any additional PPP-related legislation before the November election are reportedly increasingly slim.
However, lawmakers on Capitol Hill continue to introduce bills on the issue. Just last week, House Small Business Committee Ranking Member Steve Chabot, R-Ohio, introduced H.R. 8265, which would extend the PPP and allow small businesses with fewer than 300 employees to apply for a second loan through the rescue fund. “$25 billion of remaining PPP funds would be allotted to these mom and pop shops,” the committee’s GOP members said in a September 22 tweet.
NSA Webinar on PPP Loans
Meanwhile, over 200 attendees tuned into NSA’s September 21 webinar titled, PPP Loans: New Legislation and its Impact on Forgiveness. The webinar highlighted crucial issues related to the recently enacted Paycheck Protection Program Flexibility Act of 2020 (P.L. 116-142), and how to maximize debt forgiveness based on the most current information issued by the Small Business Administration (SBA). The NSA event was led by Greg White, CPA, an adjunct professor for Golden Gate University, who was named a Top 50 IRS Representation Practitioners in the U.S. by CPA Magazine.
NSA’s webinar on PPP loans is just one of many scheduled over the next two weeks for its CPE Bonanza within the NSA Learning Center.
IRS Highlights Online Resources for Small Businesses
The IRS on September 22 issued IR-2020-218, listing various online resources available for small businesses, which include some of the following:
Coronavirus Tax Relief
The IRS’s dedicated page on IRS.gov is located here, Coronavirus Tax Relief for Businesses and Tax-Exempt Entities. Business owners can get information about credits that may apply to them, such as employer tax credits, and answers to questions frequently asked about the credits.
Other Small Business Resources
As noted in IR-2020-218, additional online small business resources include the following:
IRS Social Media
On Thursday, September 24 at 2 p.m. Eastern, join a Twitter chat, “IRS Tips for Small Business Owners,” hosted by #IRS (@IRSnews). Get tips to help small businesses navigate the unique challenges brought forth by COVID-19. Follow along using #IRSsmallbiz
Information for small businesses is also available through all IRS social media channels, including tax tips and other resources. Spread these messages by sharing the @IRSsmallbiz, @IRSnews, @IRSTaxPros and @IRSenEspanol tweets.
Self-Employed Individual Tax Center
A resource for sole proprietors and others who are in business for themselves. This Center has many useful tips and references to tax rules a self-employed person may need to know.
Gig Economy Tax Center
A resource for people who earn income providing on-demand work, services or goods – often through a digital platform like an app or website.
The core mission of the National Society of Accountants is to help tax and accounting professionals become more successful.
NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied upon, as legal, tax, or accounting advice.