Pellegrino, Saccomani & Wells, CPA's, LLP
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NEWS
10/20/2020

Covid-19 Special Update: New exemption from forgiveness reductions for PPP loans under $50,000

On October 8, 2020, the Treasury Department and Small Business Administration (SBA) released a simplified Payroll Protection Program (PPP) forgiveness application (Form 3508S) and instructions for loans of $50,000 or less, as well as an Interim Final Rule (IFR) which explains the changes.

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10/20/2020

Covid-19 Special Update- IRS Notice 2020-32 PPP Loan- Deductability of expenses for federal income tax purposes

This notice provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

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10/20/2020

Covid 19 Special Update- Coronavirus relief for retirement plans and IRAs

The Coronavirus Aid, Relief, and Economic Security (CARES) Act makes it easier for you to access your savings in Individual Retirement Arrangements (IRAs) and workplace retirement plans if you're affected by the coronavirus. This relief provides favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options.

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