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According to an SBA news release issued January 8, 2021, the PPP will re-open the week of January 11. Only community financial institutions will be able to make new PPP loans on January 11 and second draw PPP loans on January 13. Shortly thereafter, all participating lenders will be able to make loans.
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The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced.
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The Alabama Department of Revenue issued helpful updated guidance early yesterday, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation.
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The Alabama Department of Revenue (ALDOR) is offering tax relief to Alabama taxpayers who reside or have a business in Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox counties and have been affected by damage caused by Hurricane Zeta. The tax relief measures mirror IRS measures in the same declared disaster areas.
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On December 11, 2020, Governor Kay Ivey issued her 21st Supplemental Emergency Proclamation. The following guidance for Alabama individual income taxpayers, employers, corporate income taxpayers and financial institution excise taxpayers, and Coronavirus Relief Fund (CRF) Grant Awards is being issued by the Commissioner of Alabama Department of Revenue to effectuate the implementation of the tax relief measures included in the Proclamation.
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Erik Asgeirsson and Lisa Simpson have recorded a special edition AICPA Town Hall. They cover a breakdown of the bill, eligibility and tax deductibility, and steps firms can take to prepare.
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After the enactment of the CARES Act in March, the ASCPA State Tax Committee closely monitored the status of the ongoing efforts to alert the state’s legislative delegation to the critical need for a special legislative session during which several pandemic-related bills could be considered.
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The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.
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In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue (ALDOR) has issued guidance for taxpayers and employers regarding the tax relief measures included in the Governor’s proclamation. This guidance can be accessed on ALDOR’s website at https://revenue.alabama.gov/wp-content/uploads/2020/12/201218_ProclamationGuidance.pdf.
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Thursday, December 17th, the AICPA discussed another round of COVID-19 relief for taxpayers--PPP2. Learn more about what to expect in the second wave of relief.
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The summary brings forth questions and concerns raised by the ASCPA Tax Committee to the Alabama Department of Revenue. We await responses from the ADOR to the highlighted questions and will send members that update as soon as it is received.
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A bipartisan group of lawmakers yesterday offered details of $908 billion Covid-19 relief plan, split into two parts, a signal of the deep divides that remain over some issues.