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Maturity Date of PPP Loans

Maturity Date of PPP Loans

PPP loans have been an oft-utilized opportunity for funding over the past few months. What about the maturity dates for “unforgiven” portions of PPP loans? SITUATION: Idaho Theological Seminary is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(i). Their Accounting Team was meeting with us on a video call to plan for their June 30, 2020 audit. They received their PPP funds on April 20, 2020. We’ve booked the PPP Loan as a Note Payable at fiscal year-end…

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Maturity Date of PPP Loans

Form 990: New Order of O/D/T/KE/HCE

ISSUE:

One change in the 2019 Form 990 instructions has not received much fanfare – the re-ordering of the people listed at Part VII, Section A.

SITUATION:

Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii).  They are required to file Form 990 annually.

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Maturity Date of PPP Loans

IRS: Medical Expenses to Include HCSM Memberships

The Affordable Care Act required workers to have “essential coverage” health insurance. An exemption was “carved out” for Health Care Sharing Ministry (HCSM) memberships. However, the HCSM payments were not included in “medical expenses” under I.R.C. Section 213. Now, proposed regulations are set to change that.

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