Pay Bill
PPP Update for Schedule C Filers
The SBA announced changes late on March 3rd to the PPP in the attached interim final rule that can impact schedule C filers. These borrowers may now receive, on new
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Congress Agrees Upon New COVID-19 Relief Bill; Trump Signs Bill into Law
Late on December 20, 2020, Congress agreed upon a new COVID-19 relief package to aid businesses and individuals that are suffering financial hardship due to the ongoing pandemic. President Trump
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DCAA Audits Post COVID-19
Government contracting is a highly regulated business. Compliance with the legislation and regulations on how to do business with the U.S. Government allows contractors to continue working with the government.
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Tax Implications of PPP Loans
Some small businesses may be hit with a surprise tax bill related to Paycheck Protection Program (PPP) loans unless Congress acts soon. If you have been following our emails and
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IRS Releases Guidance Regarding Deductibility of PPP Loan-Related Expenses
When the Paycheck Protection Program (PPP) was introduced as part of the CARES Act in March, the law provided that any loan forgiveness would not be included in taxable income.
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Latest Developments on PPP and the Forgiveness Process
For most of you who received Paycheck Protection Program (PPP) loans under the CARES Act, the receipt of these funds provided a lifeline to your business during these challenging and
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Why You May Not Want to Rush Your PPP Loan Forgiveness Application
In a nutshell, details are still being worked out by the Small Business Administration (SBA), the U.S. Treasury Department and lenders. Until those details are finalized, it may be wise
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Senate Passes the Paycheck Protection Program (PPP) Flexibility Act of 2020
Late Wednesday, the Senate passed the House version of the Paycheck Protection Program (PPP) Flexibility Act of 2020 which triples the time period for PPP borrowers to spend the funds
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Another Opportunity to Receive PPP Funding is Now Available
The Paycheck Protection Program loan portal reopened at 9:30 a.m. CST today, April 27. If you have already worked with a lender but were not approved before the first allocation
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Important Update on the Loan Forgiveness Phase of the PPP
If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan
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Good News for PPP Loan Recipients Regarding Deferral of Payroll Taxes
The IRS released FAQs on Sec 2302 of the CARES Act, Delay of Payment of Employer Payroll Taxes. This provision generally provides that employers may defer the deposit and payment
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Important Notice Regarding Legal Implications for Clients Who Have Applied for Loans from the PPP
The accounting, tax and general business implications of COVID-19 is a rapidly evolving situation. BMSS will provide an update and/or revised information as it becomes known to us and we
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