How to Create an Online Account with the IRS (1/26/2022)
Axley & Rode, LLP Announce Promotions (1/10/2022)
Axley & Rode, LLP Announce Merger with Ken Smith, Casper & Associates (1/5/2022)
IRS Unveils New Online Identity Verification Process for Accessing Self-Help Tools (11/17/2021)
New Provider Relief Funding Available September 29, 2021 (9/14/2021)
SBA Quadruples COVID-19 EIDL Limit to $2 Million (9/14/2021)
Take Charge of Your Child Tax Credit Payments (8/24/2021)
IRS Issues ERC Guidance as Congress Mulls Early Termination (8/10/2021)
SBA Streamlines Forgiveness for Smaller PPP Loans (8/4/2021)
PPP Forgiveness and Repayment: What Businesses Need to Know Now (7/21/2021)
Child Tax Credit Information (7/14/2021)
Here Come the Child Tax Credit Payments: What You Need to Know (7/6/2021)
COBRA Premium Subsidy Update (4/9/2021)
Payroll and Business Provisions of the American Rescue Plan Act (4/1/2021)
IRS Announces Tax Relief for Texas Storm Victims (2/26/2021)
Deductibility of Business Meals Provided by Restaurants in 2021 and 2022 (1/12/2021)
2020 Covid Relief Bill Provisions Affecting Individual Taxpayers (1/12/2021)
New Law's Tax Provisions That Affect Businesses (1/12/2021)
Coronavirus Aid, Relief, and Economic Security (CARES) Act - Business Provisions
COVID-19 Information & Resources (Updated 12/29/2020)
President Trump's Payroll Tax Deferral Executive Order
+ Payroll Protection Program Flexibility Act (As of 06/05/2020)
Tax Deadlines Extended to July 15
Coronavirus Aid, Relief, and Economic Security (CARES) Act - Individual Provisions
Families First Coronavirus Response Act
Welcome New CPA's
Welcome Craig Corley
Welcome Matthew Broyles
Payroll Protection Program Flexibility Act (As of 06/05/2020)

The President signed into law the Payroll Protection Program Flexibility Act on 06/05/2020. The major provisions of this Act are as follows:

  • The covered period is extended to the earlier of 24 weeks from the date the PPP loans were disbursed or 12/31/2020. Existing borrowers with loan originations prior to the enactment of this Act can elect to keep an 8 week covered period from the date the funds were disbursed.
  • The deadline for new PPP loan applications continues to be 06/30/2020.
  • The 75% payroll cost requirement is reduced to 60%. If the 60% payroll cost is not met, the loan is eligible for partial forgiveness.
  • The FTE Reduction Safe Harbor is extended to 12/31/2020 from 06/30/2020. This allows more time to rehire former employees (or hire new employees) and restore salary levels.
  • There are new exceptions for the FTE reduction calculation as long as the borrower, in good faith, can document that the company was unable to:
    • Return to the same level of business operating activity to 02/15/2020 levels due to compliance with requirements issued by the CDC, HHS, or OSHA during the period 03/1/2020 to 12/31/2020.
    • Rehire former employees who were employed as of 02/15/2020 AND hire similarly qualified employees for unfilled positions on or before 12/31/2020; OR
  • The maturity of PPP loans existing before the date of this Act, 06/05/2020, can be extended from two to five years if the lender and borrower agree.  PPP loans after the date of this Act will have a five year maturity.

Treasury will be releasing a revised loan forgiveness application and new guidance.

© Axley & Rode, LLP 2022 | Privacy Policy | Terms of Service