Tag: loan
-
Possible Tax Consequences of PPP Loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance…
-
SBA Reopens EIDL Program to Small Businesses and Non-Profits
The Small Business Administration (SBA) recently announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and non-profits. If your company hasn’t been able to procure financing…
-
Just Launched: The SBA’s Paycheck Protection Program
To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is “to provide a direct incentive for small businesses to keep their workers on the payroll.” What does the program offer? The PPP was authorized under…
-
SBA Offering Loans to Small Businesses Hit Hard by COVID-19
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business…
-
Home Is Where the Tax Breaks Might Be
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. Deduction and limits for “acquisition debt” A personal interest deduction generally isn’t allowed, but…
-
Could Your Next Business Loan Get “Ratio’d?”
We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default. As you look for a loan, try to find out how each bank will evaluate your default probability. Many do so using spreadsheets that track multiple financial…