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PPP Loans and Financial Statements: What You Need to Know
As the year draws to a close, your thoughts might turn to preparing your financial statements. If you’ve received a Paycheck Protection Program (PPP) loan, however, you might wonder how to account for it. While it’s technically a loan, the forgiveness aspect means the funding could also be considered a grant. This is familiar territory…
PPP and Other Impacts to Your Year-End Tax Planning Strategies
The year’s end is always a good time for manufacturers to set tax planning strategies. But as we know, 2020 isn’t just any year. In addition to the usual opportunities, COVID-19 (and the resulting aid packages) adds a whole new wrinkle to the process. Now more than ever, manufacturers can minimize tax exposure based on…
Taking Ownership: How Your PPP Loan Could Affect a Sale or Merger
Are you considering selling your company or merging with another? Be aware that if you received a PPP loan, you might require approval from the Small Business Administration (SBA) to complete the transaction. On Oct. 2, 2020, the SBA released a Procedural Notice with guidelines for the sale of such a business. It covers what…
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