The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. Form 3508EZ This new three-page form reduces the documentation and calculations required to apply ... more
Blog Post
Webinar Round-Up: PPPFA Forgivable Loan Accounting
Partners S. Scott Seamands and Stanley Woo hosted our quarterly virtual affordable housing roundtable, along with our client Mutual Housing of California. We have hosted these quarterly roundtables since the early 1990’s but in the current environment the roundtables have become virtual meetings. This quarter we outlined the issues related to obtaining loan forgiveness and other aspects of the SBA Paycheck Protection Program (PPP). We also ... more
CARES Act Key Tax Provisions for Individuals and Businesses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act is a $2 trillion relief package aimed at providing relief to the American economy in combating the effects of the coronavirus pandemic. While the CARES Act is not a tax relief measure, it does include provisions that center on tax relief to individuals and business owners. Following are some of the more noteworthy tax provisions ... more