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Although still not quite ready to accept loan forgiveness applications, the Small Business Administration did just release the following frequently asked questions (FAQs) concerning Paycheck Protection Program (PPP) loan forgiveness:  The Small Business Administration...

Vrakas CPAs + Advisors is pleased to announce we have been named a Top Workplace of southeastern Wisconsin by the Milwaukee Journal Sentinel. For 2020, 238 employers participated in the survey and only 150 were ranked and made the final list. Vrakas ranked 19 out of...

The Employee Retirement Income Security Act of 1974 ("ERISA") requires employee benefit plans with 120 or more eligible participants as of the first day of the plan year to undergo an annual independent audit.  Once an audit has occurred, the 401(k) plan must be...

The below article discusses PPP Forgiveness moving forward.  Although forgiveness for Paycheck Protection Program (PPP) loans is a foremost topic on the minds of borrowers and the CPAs who advise them, experts are saying borrowers should not rush to apply for...

On July 4, 2020, President Trump signed into law a bill to extend the application process for the Paycheck Protection Program.  For those employers who have not already applied, they now have until the earlier of August 8, 2020, or until the authorized funds run out...

The SBA recently issued a revised loan forgiveness application as well as an EZ loan forgiveness application for Paycheck Protection Program.  In addition they updated the instructions for the original application and issued instructions for the EZ application. ...

The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal and Wisconsin income taxes on April 15, 2020, was automatically extended until July 15, 2020. This relief also includes estimated tax payments for tax year 2020 that were...

The below article discusses the accounting treatment related to PPP loans and any ultimate forgiveness. A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under...

The House and Senate recently passed the Paycheck Protection Program Flexibility Act of 2020.  The bill currently awaiting the President's signature modifies provisions related to loan forgiveness for small businesses under the Paycheck Protection Program implemented...

The Small Business Administration (SBA) has provided additional guidance on the business loan program temporary changes - Paycheck Protection Program (PPP) - Requirements - Loan Forgiveness. Click here to download a PDF on PPP Loan Forgiveness >>>  In...