Friday, May 22, 2020

17. New news from Washington DC on PPP

In case it's helpful, here are the 'rumors' I've heard about what may be coming
This week auto workers got back to work in Detroit.
down the pike from Washington D.C. in terms of the Paycheck Protection Program (PPP). 
  • Next week, May 28th, the Treasury is expected to issue more guidance on rules related to PPP forgiveness.
  • No new funding for the PPP program is expected right now. Once the current amount is gone, it's gone.
  • Personal protective equipment (PPE) may become a deductible expense for tax purposes for businesses.
  • The PPP forgiveness amount will hopefully soon be confirmed by Treasury as tax free.
  • SBA might extend the 8 week covered period into a 16 or 24 week period. They are taking into consideration how businesses may have a hard time bringing back all of their employees if there are still governor's executive orders keeping them closed.


1 comment: