PPP loan forgiveness brings tax questions

      Some small business owners are upset by the Internal Revenue Services’ guidance on how to treat forgivable PPP loans at tax time.

      Some large and small businesses are asking Congress to allow deductions of expenses for items paid for with the taxpayer-funded PPP loans.

      The IRS, in its guidance, considered such deductions as a ‘double dipping’ tax benefit that is not allowed.

      Treasury Secretary Steve Mnuchin supported the IRS guidance, according to Fox Business.

      PPP recipients are being advised to seek professional tax guidance before deciding whether to apply for forgiveness of the PPP loans.

Read more at:
CliftonLarsonAllan statement: https://bit.ly/323nyKj
Fox Business story: https://fxn.ws/3aCPrwP

WOSB innovators make small gains in SBIR

      Women-owned small businesses (WOSBs) made small gains but no major changes over time in their receipt of federal agencies’ SBIR Phase I awards from 2011-2018, according to a report released by the SBA.

      There were bright spots, including the National Science Foundation, with 15.5% of its awards going to WOSBs in 2011 rising to 22.4% in 2018.

      The Education Dept.’s SBIR was consistently highest in WOSB participation, with 40% of their SBIR Phase I awards going to WOSBs in 2018.

Read more at:
NWBC Report:https://bit.ly/34b1YpT

Inside this edition:

Small biz buys rose to $132.9B in FY2019; WOSB 5% goal met

USPS mail delays rising

Little gain from WOSB set-asides

Huawei ban postponed

SBA’s 'Certify' not effective

FPDS reports go to beta.SAM.gov

Industry seeks pandemic paid leave reimbursement extension

Executive order on govcon labor

Washington Insider:

Coronavirus Update