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Today in Manufacturing: Rebecca Bowman with The Clorox Company

Supply Chain Now Episode 361: This episode of Supply Chain Now features Rebecca Bowman. Read More

PPP Loan Forgiveness Application

On May 15, 2020, the Small Business Administration released the Loan Forgiveness Application for Payroll Protection Program funding. The form and instructions include several changes to the forgiveness calculations that are intended to reduce compliance burdens, simplify the process, and increase qualifying costs for borrowers. These changes include: Options for borrowers to calculate payroll costs using an... Read More

PPP Good Faith Certifications

Companies who received funds under the Paycheck Protection Program are being asked by the Treasury and SBA to review their certification that "current economic uncertainty makes this loan necessary to support the ongoing operations of the Applicant." Borrowers have until May 14, 2020 to return funds if they believe that their certification was not made in "good faith." On May 13, 2020 the SBA and... Read More

New Guidance Issued on Taxes and PPP Loans

On May 1, 2020 the Internal Revenue Service published Notice 2020-32 to provide guidance regarding the deductibility of expenses incurred and paid for with Paycheck Protection Program (PPP) loan proceeds. The notice clarifies that no deduction is allowed under the Internal Revenue Code for an expense that is otherwise deductible if the payment of such expense results in forgiveness of a PPP loan. The... Read More

You Received Your PPP Funding - Now What?

With funding from the Paycheck Protection Program reaching the hands of business owners, we are receiving many inquiries regarding proper documentation, use, and general best practices. Below you will find guidelines for best practices and answers to some of the most frequently asked questions. As the treasury continues to issue guidance, we will provide updates. 1. Keep PPP money in a separate account. It... Read More

IRS Adds Enhancements to Get My Payment Tool

The IRS added enhancements to the Get My Payment tool in order to provide a smoother experience for Americans looking to find the status of their Economic Impact Payments. The enhancements adjusted several items to the online tool that will help taxpayers with new or expanded information and access to adding direct deposit information. "We delivered Get My Payment with new capabilities that did not exist... Read More

Additional Funding for Paycheck Protection Program

On April 24, 2020, the President signed the $484 billion coronavirus relief bill that will provide additional relief to employers and hospitals that are struggling as a result of the COVID-19 pandemic. The bill, being referred to as CARES 2, will replenish funding for relief that was quickly exhausted after the CARES Act was enacted in March. The funding is allocated as follows: Paycheck Protection... Read More

Senate Passes Bill to Replenish Paycheck Protection Program

The $350 billion Paycheck Protection Program was a central piece of the massive $2 trillion CARES Act passed just a few weeks ago. However, last week the Small Business Administration announced that they would no longer be able to accept new applications based on the available appropriations funding. This left many business without the much needed relief to continue to pay employees and sustain business... Read More

IRS Launches Stimulus Payment Portal

If you are expecting an economic stimulus payment as a result of the CARES Act, you can now check the status of your payment. The IRS has launched a portal for taxpayers to check payment status, confirm payment type (direct deposit or check), and update bank account information for direct deposit. For most taxpayers, the payment is automatic without requiring any action. You can check your... Read More