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May 31, 2021
- The PPP Extension Act of 2021 extends the Paycheck Protection Program application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications.
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What is the deadline to apply for a paycheck protection program loan?
Will the Paycheck Protection Program application deadline be moved to May 31?
When is the deadline to apply for a PPP loan?
How long does a PPP loan last in California?
Mar 30, 2021 · First published on March 30, 2021 / 3:47 PM EDT. © 2021 CBS Interactive Inc. All Rights Reserved. Mr. Biden signed a bill extending the deadline to apply for Paycheck Protection Program...
- CBS News
- 7 min
- General
- Amending Returns
- Gross Receipts Test
- Penalties
- Miscellaneous
Does California follow the exclusion from gross income for covered loan amounts forgiven pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act?
Yes, for taxable years beginning on or after January 1, 2019, gross income does not include any covered loan amounts forgiven pursuant to the CARES Act, the Paycheck Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act of 2020, the Consolidated Appropriations Act 9of 2021 (CAA), and the Paycheck Protection Program Extension Act of 2021 (PPPEA).
Does California follow the exclusion from gross income for Economic Injury Disaster Loan (EIDL) grants forgiven pursuant to the CARES Act or targeted EIDL advances and Shuttered Venue Operator (SVO...
Yes, for taxable years beginning on or after January 1, 2019, gross income does not include any EIDL grants under the CARES Act or targeted EIDL advances or SVO grants under the CAA.
Does California follow the exclusion from gross income for Restaurant Revitalization Fund (RRF) grants forgiven pursuant to the American Rescue Plan Act (ARPA) (Public Law 117-2)?
Yes, for taxable years beginning on or after January 1, 2020, gross income does not include any RRF grant provided under the ARPA.
Is there any special process or form for amending returns to claim the newly-allowed deductions?
No, taxpayers should follow FTB’s normal amended return procedures. However, if a taxpayer makes an election under Rev. Proc. 2021-20 for federal purposes, California will follow the federal treatment for California tax purposes. Additionally, FTB does not anticipate creating any new forms to implement AB 80, SB 113, and AB 194, but we are in the process of updating line item instructions.
What if I already filed and claimed a deduction that I do not qualify for?
If you already filed and claimed a deduction that you do not qualify for, you must file an amended return using our normal amended return procedures.
How do I determine if I meet the 25% gross receipts test?
California adopted Section 311 of Division N of the CAA. Taxpayers should follow the federal guidance related to this code section to determine if they meet the gross receipts test.
If I meet the 25% gross receipts requirement to deduct expenses, do I need to attach documentation to the return?
Taxpayers who meet the documentation requirements at the federal level will be considered as having met them for California purposes as well. California is not adding additional supporting documentation requirements.
How do I compute the 25% gross receipts test for a multistate business?
Under AB 80 and SB 113, California adopted Section 311 of Division N of the CAA. This federal law provides the computation for determining whether a taxpayer has a 25% or greater reduction in gross receipts by comparing total sales. For California purposes, taxpayers should also use total sales when computing their reduction in gross receipts.
Do I have to pay underpayment of estimated tax, late payment penalties, or substantial underpayment penalties if I was not aware of the limitation on deductions?
Generally, there would be no exception to the imposition of the underpayment of estimated tax, late payment penalties, or substantial underpayment penalties due to a misunderstanding of the requirements of the law. This type of error does not generally constitute reasonable cause for penalties that can be abated due to reasonable cause. If a taxpayer receives a penalty and believes that the actions for which they were penalized were the result of reasonable cause (for penalties that can be ab...
Does California conform to the exclusions for other SBA loan forgiveness or grants?
AB 1577, AB 80, SB 113, and AB 194 provide gross income exclusions for covered loan amounts forgiven pursuant to the CARES Act, the Paycheck Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act of 2020, the CAA, PPPEA, EIDL grants under the CARES Act, targeted EIDL advances, SVO grants under the CAA, and RRF grants under the ARPA.
Does FTB follow the federal guidance under Revenue Procedures (Rev. Proc.) 2021-48, 2021-49, and 2021-50?
1. Rev. Proc. 2021-4811– FTB will follow the rationale of the federal guidance set forth in Rev. Proc. 2021-48. 2. Rev. Proc. 2021-4912– FTB will follow the rationale of the federal guidance set forth in Rev. Proc. 2021-49. 3. Rev. Proc. 2021-5013– FTB will not follow the federal guidance set forth in Rev. Proc. 2021-50 because California does not conform to the underlying federal statutes.
Will California follow the SBA’s Paycheck Protection Program Loans and Changes of Ownership14 guidance on a change of ownership of a PPP borrower?
Yes, California will follow federal guidance regarding the change of ownership of a PPP borrower.
Paycheck Protection Program (PPP) Loan Forgiveness filing information. Skip to Main Content News Filing and payment due dates for San Diego County flood victims extended to June 17, 2024.
Apr 1, 2021 · The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding.
Jul 8, 2020 · Getty Stock. The application deadline for PPP loans has been extended to Aug. 8 to give small businesses more time to access billions in federal funds set aside for the program. Small...
Mar 16, 2021 · March 16, 2021. Updated: March 17, 2021. A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 sailed through the U.S. House of Representatives on Tuesday night, passing in a 415-3 vote that sends the legislation to the Senate for consideration.
Updated April 26th, 2021 Congress recently voted to approve an extension to the SBA Paycheck Protection Program (PPP) loan application deadline. The deadline (previously for March 31st) has been extended to May 31st, thus allowing small business owners more time to get any funding needed as a result of the COVID-19 crisis.
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