BKD 2020 Federal Quick Reference Guide
The U.S. tax code continues to evolve as COVID-19 pandemic relief efforts spur revisions and clarifications. Be sure you’re ready—start by downloading BKD's Quick Reference Guide, which is up to date for 2021.
Updated PPP Rules for Sole Proprietors, Contractors, & New Forms Released
In February 2021, the Biden administration announced several reforms to the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). This article provides details on an SBA interim final rule that incorporates those updates, issues several new/updated loan application forms, and updates its frequently asked questions document.
PPP Update & Greater Access for Smallest Businesses Proposed
On February 22, 2021, the Biden administration announced several reforms to the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This article provides details on how the reforms may affect small businesses.
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Expanded Employee Retention Tax Credit Opportunities for Businesses
This article will focus specifically on the Employee Retention Credit (ERC) and the significant changes that were made to the credit that extend the credit period, increase the credit amount in 2021, and expand the ability for businesses to qualify. These changes may allow some taxpayers who previously weren’t eligible to claim the credit in 2020 to now qualify and retroactively apply for refunds.
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Paycheck Protection Program Round Two – What You Need to Know
This article will focus specifically on the PPP 2 Loans and the interim final rule (IFR) issued by the U.S. Small Business Administration (SBA) and U.S. Department of the Treasury on January 6, 2021 (PPP 2 IFR).
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Also, see this previous BKD Thoughtware® article and webinar for guidance on other changes made for First Draw PPP loans and the PPP loan forgiveness rules. You also can listen in to this recent “Simply Tax” podcast episode to learn more about the PPP changes.
Free Downloadable Booklet
This booklet provides guidance on key areas that business leaders should focus on to not only guide their teams through times of difficulty but also prepare them to come out stronger on the other side.
- Checklist of key considerations
- Internal and external communications
- Cash flow planning
- Understanding your relief options
- Economic Injury Disaster Loan
- CARES Act Provisions
- Paycheck Protection Program
- Business Interruption Claims
- FEMA Public Assistance
- Tax provisions
- Cybersecurity considerations
- Remote work best practices
Coronavirus (COVID-19) Tax & Accounting Resource Center
WEBINAR RECORDING: Pandemic Response & Cybersecurity Considerations
COVID-19: Response Guidance from BKD Trusted Advisors
SBA Releases PPP Loan Forgiveness Application
The U.S. Small Business Administration (SBA) has released a loan forgiveness application that borrowers must complete to have their Paycheck Protection Program (PPP) loan forgiven. The form includes detailed information about the eligible cost for forgiveness and instructions for calculating those costs, as well as a list of documents to submit and documents that must be maintained but are not required for submission. Click here for more details on the process.
Small Business Administration Resources