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Insights / news

McGlinchey in the News

PPP Loan Forgiveness: 5 Things to Know

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

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).