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PPP Borrowers Can Use Gross Income, SBA Rules

(JofA) - The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit.


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IRS Defines Nominal For Purposes Of The Employee Retention Tax Credit: The Definition Might Surprise Essential Businesses 
(Forbes) - Essential businesses have an additional hurdle to jump through if they are claiming an ERC because of a full or partial shutdown based on the most recent guidance issued by the IRS on Monday.

Metric of the Month: Invoices Billed to Customers With Credit Terms 
(CFO) - Credit carries risk, but smart credit policies help the business grow.

The IRS Paid $3 Billion In Interest To Taxpayers Because It Failed To Get Refunds Out On Time 
(TaxProf Blog) - The IRS paid $3.03 billion — yes that’s with a “b” — in interest on delayed refunds to taxpayers for fiscal 2020 because it didn’t get the payments to them in time. That’s almost a 50 percent increase compared with the $2.06 billion paid in interest on refunds in fiscal 2019.

Fed's Beige Book Signals Economic Optimism as COVID-19 Vaccine Rolls Out 
(Fox Business) - A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February.

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