frequently asked questions
Paycheck protection program
Experts from Practical Law and Checkpoint address the common questions we’re hearing as small businesses and their advisors navigate the new Paycheck Protection Program.
PPP Application and Loan terms
Loan forgiveness application process
Loan forgiveness calculations
Taxes
Last Updated: 3/30/2021
References
- Consolidated Appropriations Act, 2021, P.L. 116-260, December 27, 2020
- SBA FAQs on PPP Loans dated as of March 3, 2021
- SBA FAQs on PPP Loan Forgiveness dated as of October 13, 2020
- PPP Flexibility Act, P.L. 116-142, June 5, 2020
- 86 Fed. Reg. 3692, January 14, 2021
- IRS Notice 2021-20
- Revenue Ruling 2021-02
- IRS Special Issues for Employers: Taxation and Deductibility of Tax Credits
- SBA Procedural Notice, effective July 23, 2020
Additional resources
This page was created by Thomson Reuters legal and tax experts to assist your small business. For further in-depth coverage, access free COVID materials via the following Thomson Reuters platforms.
Practical Law Global Coronavirus Toolkit
A trusted resource leveraged by legal professionals and corporate counsel, Practical Law offers free access to content specific to navigating COVID-19 and business interruptions.
Checkpoint Edge COVID-19 folder
Leveraged by tax and accounting professionals, Checkpoint Edge offers free trial access to a COVID-19 folder that includes support, service, training and video tutorials.