Paycheck Protection Program (PPP) application deadline is extended from March 31st to May 31st, 2021 by Senate. The PPP Extension Act of 2021 does not provide any additional funding for the current round of the PPP. You can apply for PPP Loan with New Self-employment Gross Income PPP Loan Application Guide till May 31st. [...] Read more
This guide is for filing form 2483-C in paper with your financial institution. If you are applying online, you will fill out that financial institution's application form. However you have to enter the same information outlined in this article, even if you apply online. You can find New PPP First-draw application step [...] Read more
Effective March 3rd, 2021 the U.S. Small Business Administration (SBA) announced revisions to Loan Amount Calculation and Eligibility allowing individuals who file an IRS Form 1040, Schedule C Profit or Loss from Business, to calculate their maximum loan amount using gross income instead of net profit. Who Can Apply? Sole proprietors, Gig workers, [...] Read more
Is PPP Loan Forgiveness Taxable? Forgiven PPP loans are not taxable for federal income tax purposes. But you must check with your state for state level taxation. We are listing the states below which announced the taxation of Forgiven PPP loans. We will update the list as more announcements come. Forgiven PPP [...] Read more