PPP Loan Forgiveness: 5 Things to Know

January 28, 2021

Read Time: 1 min

Richard Aguilar (New Orleans) had a piece published in New Orleans CityBusiness on Jan. 28 outlining the loan forgiveness process, timing, and other factors that business borrowers should consider.

A PPP borrower must complete and submit its Loan Forgiveness Application to its lender. A separate application must be submitted for each of the loans obtained under the CARES Act and the Economic Aid Act.

Read the full article here: PPP Loan Forgiveness: 5 Things to Know.

Insights

Attorney Presentation

Navigating PPP Forgiveness

April 14, 2021

Richard Aguilar (New Orleans) presented on a panel discussion during the “CB Now” webinar series presented by New Orleans CityBusiness on Wednesday, April 14. Richard and Chris Ferris, President and CEO of Fidelity Bank, presented and answered questions about the steps to take, common mistakes to avoid, coordinating with your lender, and others.

COVID-19 Updates

Shuttered Venue Operators Grant Program

April 9, 2021

In the next few days, the Small Business Administration (SBA) will open the application process for the Shuttered Venue Operators Grant (SVOG). Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.

Event

Webinar: Updates to the Paycheck Protection Program & Other Issues

March 18, 2021

Join us on Thursday, March 18 for the second installment in our 3-Part webinar series on the Paycheck Protection Program and formulate your game-plan before you apply for forgiveness.

Event

Webinar: What to know about PPP loan forgiveness

February 18, 2021

You certified your eligibility for the PPP loan, calculated the amount of your loan, and submitted your application. You used the loan proceeds for allowable purposes. Now, the time has come to calculate the amount to claim in your Loan Forgiveness Application. But is there a “right” way to do it?

Attorney Published Article

Vaccines in the Time of COVID: An Employer’s Perspective

December 28, 2021

Mag Bickford (New Orleans) and Chase Stoecker (Ft. Lauderdale) authored the article "Vaccines in the Time of COVID: An Employer’s Perspective" in the Alabama Bankers Association December 2020 Board Briefs newsletter.

Alert

Pitfalls of PPP Loan Forgiveness

January 25, 2021

Businesses are now eligible to apply for forgiveness of loans received through the federal Paycheck Protection Program (PPP) established under the CARES Act. PPP loan recipients should be thoughtful in responding to information requested by lenders and the Small Business Administration.

Alert

IRS Acknowledges Congressional Reversal on Deducting Eligible PPP Expenses

January 6, 2021

In a previous alert (Yes, I Can Deduct Expenses Paid with a Forgiven PPP Loan) we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income” of a PPP loan. Today, the Internal Revenue Service issued Revenue Ruling 2021-2, which reflects this change in the law.

Alert

Yes, I Can Deduct Expenses Paid with a Forgiven PPP Loan

December 31, 2020

Congress Reverses IRS Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we addressed Revenue Ruling 2020-27 in which the IRS expanded on its original positionMore

Alert

IRS Announces Form 1099-C Not Required for PPP Loan Forgiveness

September 22, 2020

IRS Announcement 2020-12 notifies lenders that they should not file IRS Form 1099-C with the IRS or furnish it to borrowers to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP).