BREAKING NEWS

BMF Announces New Governance Structure

We are excited to announce a new governance structure for our firm, which will continue to strengthen our overarching strategic objective to remain independent while providing the high-quality, proactive service you expect and deserve.

Articles & Publications

IRS Issues Additional Guidance on Taxability of PPP Loan Forgiveness

We previously reported back in May that the IRS issued Notice 2020-32, stating that expenses related to forgiven Paycheck Protection Program (PPP) loans would not be deductible. This created much uncertainty as to how those rules would apply under. Read More >>

AICPA Joins 80+ Organizations Concerned About PPP Loan Necessity Questionnaires

We previously reported that the Small Business Administration (SBA) issued a draft on October 26 to begin asking Paycheck Protection Program (PPP) lenders to issue “Loan Necessity Questionnaires” to borrowers that received $2 million or more in funds from. Read More >>

Tips for Supporting $2M+ PPP Loan Necessity

While forgiveness may be simplified for PPP loan borrowers of $50K or less, things may not be so simple for borrowers in excess of $2M. As we reported last week, the Small Business Administration (SBA) is expected to issue. Read More >>

SBA to Release New Forms to Validate PPP Loans in Excess of $2M

On October 26, 2020, the Small Business Administration (“SBA”) posted a notice stating that it intends to release two new forms relating to the infamous FAQ #31 relating to borrowers’ good faith certifications that “[c]urrent economic uncertainty makes this. Read More >>

Forgiveness Simplified for PPP Loans of $50K or Less

As U.S. taxpayers anxiously await potential movement on a new stimulus package, the Small Business Administration (SBA) and Treasury Department released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This effort aims. Read More >>

SBA and Treasury Address Owner-Employee Compensation and Rental Expenses in Latest PPP Guidance

Following on the heels of the U.S. Small Business Administration (SBA) and Treasury’s recent issuance of 23 new FAQs addressing Paycheck Protection Program (PPP) loan forgiveness, additional guidance has been issued related to owner-employee compensation and the eligibility of. Read More >>

PPP Forgiveness Applications – Should You Act Now or Wait?

Recently, the Small Business Administration (SBA) opened its portal for accepting forgiveness applications under the Paycheck Protection Program (PPP) . Over the next few weeks, banks will be preparing to start accepting forgiveness applications, although some lenders may wait. Read More >>

SBA Releases 23 New FAQs to Address PPP Loan Forgiveness

On Tuesday, August 4, 2020, The U.S. Small Business Administration (SBA), in consultation with Treasury, issued 23 frequently asked questions to help provide additional guidance around forgiveness of Paycheck Protection Program loans. The FAQs address four areas of PPP. Read More >>

Navigating Uncertainty for Future Success, Together

I wanted to share with you some thoughts on how COVID is affecting our clients, their go-forward strategies and our own firm as well. It’s a time when we’re all starving for normalcy and certainty. Many of us are. Read More >>

Ohio Issues CAT Guidance on PPP Loan Forgiveness

Companies who have received Paycheck Protection Program (PPP) loans through the CARES Act may be wondering how to treat the loan and potential forgiveness amounts for Ohio Commercial Activity Tax (CAT) purposes. The amount of the company’s PPP loan. Read More >>