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More Economic Impact Payment Hot Topics

There are still numerous questions regarding Economic Impact Payments – here are some of the current hot topics:  What about a child’s parents who are not married to each other, but both got the $500 for the same child? Will one of them have to pay that back? The law

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

On Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid,

“Necessity” Certification for PPP Loan/SBA Issues $2 Million Safe Harbor

The Small Business Association (SBA) has issued an additional guidance on providing a safe harbor for smaller borrowers so far as the “necessity” certification.  Borrowers with loans less than $2.0 million (including affiliates) will automatically be deemed to have made the “necessity” certification in good faith.  How will SBA review

FAQs on Economic Impact Payments

Here are some of the top questions regarding the Economic Impact Payments.  Contact the Crosslin tax team at (615) 320-5500 if you need further clarification or have additional questions.  We are here to help!  Is this payment considered taxable income? No, the payment is not income and taxpayers will not