Today, May 13th, the Treasury released FAQ #46, which provides that any borrower where they, together with affiliates, received Paycheck Protection Program (PPP) loans of less than $2 million are deemed to have met the economic uncertainty test. This decision comes on the heels of extensive discussion regarding how businesses that received PPP loans could verify that, due to economic uncertainty, they needed the funds to support their ongoing operations.
The IRS recently announced special Federal income tax return filing and payment relief in response to the COVID-19 pandemic. According to the IRS, these are some of the most common questions taxpayers are asking in regards to these recent changes.*