Tax Update (May 4)
IRS Guidance on PPP
The Internal Revenue Service (IRS) is working to provide clarity on the employee retention credit, specifically whether businesses qualify for the credit if they applied to borrow from the Paycheck Protection Program (PPP), but have not received a loan. Companies are not able to utilize both the tax credit and PPP, but the IRS and Treasury are still working out how to handle questions from businesses waiting on their PPP applications to be processed.
On Thursday (Apr. 29), the IRS released guidance on how PPP loans will affect the deductibility of other expenses.
Neal Pushes IRS for Stimulus Payment Briefing
On Thursday (Apr. 30), House Ways and Means Chairman Richard Neal (D-MA) called on the IRS and Treasury to give a public briefing on the economic stimulus payments.
“Even those who have received payments have a wide range of questions, including why their payment amount is different than what they expected and how they can resolve outstanding issues with the IRS.” Neal wrote in a letter to IRS Commissioner Chuck Rettig and Treasury Secretary Steven Mnuchin. 
“In many instances, these Americans need information that only the IRS can provide,” he continued, noting the high volume of constituent questions congressional offices are receiving regarding the payments.
On Wednesday (Apr. 29), the IRS said it has made 130 million payments to Americans, totaling around $207 billion.
Eckert, Toby “Neal IRS briefing for public on stimulus payments” Politico Pro, 30 Apr. 2020