Tweaks to PPP taxes; more guidance needed

      The SBA has made some recent changes in tax handling, funding formulas and eligibility for PPP loans, but accountants are asking for more guidance.

      SBA published an interim final rule, effective March 4, that allows individuals who file an IRS Form 1040, Schedule C, to calculate their maximum loan amount using gross income.

      The interim rule also permits some owners with delinquent student loans or non-fraud felony convictions, as well as lawful non-citizen business owners, to be eligible.

      The rule became effective March 4.

      Meanwhile, accountants are asking for more guidance on S Corporation and partnership PPP loan forgiveness.

Read more:
Interim rule: https://bit.ly/31bQQGM
Journal of Accountancy review: https://bit.ly/399IZOb
AICPA request for guidance: https://bit.ly/2Qx9fvE

DOL wants to push H-1b rule to 2022

      DOL wants to push back implementation of the rule changing the H-1b prevailing visa wage methodology to late next year.

      The last-minute Trump era rule was to have gone into effect on March 15. DOL previously pushed it to May.

      However, DOL now wants to extend the date to November 2022 in order to fully consider the legal and policy issues involved.

Read more:
DOL proposal: https://bit.ly/397Qoh7

Late summer RFP for Polaris contract: GSA

      In an update on the Polaris small business governmentwide tech products and services contract in development--which replaces Alliant II--the GSA said it anticipates a solicitation “not until later this summer.”

      “The final RFP is not expected until later this summer, at the earliest,” GSA wrote in a March 9 update.

Read more at:
March 9 RFP update: https://bit.ly/3aT8mFY -->

Inside this edition:

Details on PPP, EIDL, small biz items in American Rescue law

Section 3610 extended to Sept. 30

Guzman sworn in to head SBA

Set-aside award percentages plunged dramatically in 2018-19

Vendor self-assessments

Rescissions of Trump era DOL rules

EIDL audit finds billions in fraud, errors

Column: Pay equity changes are coming

Washington Insider:

Coronavirus Update