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Vrakas CPAs, Here Are Your Articles for Thursday, May 07, 2020
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PPP Loan Extension For Certification

The SBA just released a new Frequently Asked Question indicating that they are automatically extending the May 7 deadline for those who may feel that they may not meet the required good faith certification.

Continued Guidance on SBA Payroll Protection Program

The SBA continues to issue additional guidance in the form of responses to FAQs regarding the SBA Payroll Protection Program (PPP) loans. 

Disallowed Deduction of Expenses For Payroll Protection Program Recipients

The IRS recently issued Notice 2020-32 providing guidance on the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred by a taxpayer who receives a loan pursuant to the SBA PPP. 

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