Redpath Insights

Accounting for Covid-19 Relief

August 3, 2021 - Covid-19 relief has included a variety of programs, including the Paycheck Protection Program (PPP) loans, the Families First Coronavirus Relief Act (FFCRA), and the Employee Retention Credit (ERC). If youโ€™ve received some or all...

MN Legislature: PPP and Unemployment Benefits May Be Excluded From MN Taxes

May 20, 2021 - Minnesota State leaders in the Legislature and Governor Tim Walz have announced their intent to allow both $10,200 of unemployment benefits and all proceeds from forgiven PPP loan applications to be excluded from income in...

SBA Restaurant Revitalization Fund Applications Opening

April 30, 2021 - The Small Business Administration has announced that the Restaurant Revitalization Fund will open for registration by qualifying restaurants on April 30 at 9 am EST, with these same restaurants able to submit applications...

New Law Makes Big Changes to the Employee Retention Credit

January 7, 2021 โ€“ Most of the excitement from the Consolidated Appropriations Act (CAA) came from clarity on the deductibility of PPP expenses and the additional stimulus checks. However, Congress also passed a very favorable extension and...

Small Business Aid and Tax Extenders Included in Year-End Bill

December 22, 2020 โ€“ This week, votes are being cast on two large measures put together by congressional leaders toward both a $900 billion Covid-19 relief bill and $1.4 trillion omnibus spending bill.

PPP Forgiveness Could Take Years for Your Business โ€“ Here's How to Prepare

December 10, 2020 - The Paycheck Protection Program (PPP) was created to help American businesses tide over the COVID-19 coronavirus, and businesses applied in droves: about 5 million businesses were approved for PPP loans by the Small Business...

November Paycheck Protection Program (PPP) Loan Forgiveness Guidance

November 19, 2020 - On November 18, 2020, the IRS released additional guidance (Revenue Ruling 2020-27 and Revenue Procedure 2020-51) regarding the deductibility of expenses related to the Paycheck Protection Program when loan forgiveness is not...

New SBA Forms for Large PPP Borrowers

November 3, 2020 - The Small Business Administration (SBA) recently announced their intent to issue two new forms for PPP Borrowers with $2 million or more in loans. The purpose of the forms is to gather information that the SBA will use to...

PPP Loan Forgiveness FAQ Updates for August

August 7, 2020 - On August 4, the Small Business Administration (SBA) released additional FAQs on Paycheck Protection Program (PPP) loans. They include information applicable to business owners, independent contractors, self-employed individuals,...

SBA Releases New Interim Final Rule and Loan Forgiveness Applications

UPDATED: June 18, 2020 - The SBA recently issued additional guidance regarding the Paycheck Protection Program (PPP), along with a revised loan forgiveness application and instructions.  Click here for the revised application and here for the...