News

House passes PPP deadline extension in 415-3 vote.

President Joe Biden on Thursday afternoon signed into law the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act, following a 220-211 vote of approval by the House of Representatives on Wednesday.

The AICPA sent a letter Tuesday, March 9, 2021, encouraging congressional leaders to push back the Paycheck Protection Program’s (PPP’s) March 31 application deadline at least 60 days.

The House of Representatives voted 220–211 Wednesday, March 10, 2021 to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.

The AICPA on Thursday, March 4, 2021, sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, 2021, in response to a number of issues that make it impossible for many taxpayers to meet the April 15 deadline.

The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit.

On March 2, 2021, the AICPA called on Congress to extend the application period for the Paycheck Protection Program (PPP) by at least 60 days.

In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020

SBA announces PPP process changes