On MARCH 15, IRS and Treasury officials said about 100 million checks would be distributed within 10 days. But some bigger banks said that the timing of the payments was outside of their control. Here are some things to consider: Deductibility of expenses paid with PPP loans. Businesses that received PPP loans and had them subsequently forgiven will be permitted to deduct the expenses covered by those loans on their federal tax returns. Much to the chagrin of the IRS, the recent bill clarifies that PPP loan forgiveness now means no tax impact due to the forgiveness. For example, if you used $100,000 of payroll in your application to get your loan forgiven, you can still deduct the payroll as an expense on your tax return. New PPP loan funds. There is additional money available from the Small Business Administration (SBA) for a new round of PPP loans. The new loan program is targeted to businesses that need the funds. To qualify, your business must have 300 or fewer employees and have seen a drop in revenue of 25% or more during any quarter in 2020. Some of the money is earmarked for very small borrowers, underserved communities, and small lenders. There are even simplified requirements for forgiveness if the loan amount being applied for is less than $150,000. There is much more in this huge bill, including relief for hard-hit industries, education, student loans. Please keep up-to-date as more is learned after a full review of the bill is made available. As always, should you have any questions or concerns regarding your tax situation please feel free to call. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: https://www.liberatorecpa.com/