The Treasury Department, along with the Small Business Administration, on October 13, 2020, issued updated Frequently Asked Questions (FAQs) on the Paycheck Protection Program (PPP), following up on new guidance issued on October 11 simplifying the forgiveness process for certain loans.
The updated FAQs, as related to the new guidance, specifically provides the timeline for applying for loan forgiveness. The FAQ also seeks to clear up confusion related to an expiration date listed in the loan forgiveness application forms (3508, 3508EZ, and 3508S).
The full text of the FAQ can be found here.
Wilson Tax Law Group, APLC (www.wilsontaxlaw.com) is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense. Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board. Wilson Tax Law Group is exclusively comprised of former IRS litigators and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division and Criminal Division.
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