Adams Brown Back in June, Congress extended the Payroll Protection Program covered period from eight weeks to 24 weeks. With this extension, many questions surrounding the loan forgiveness process remained … Read More
Tax Considerations for Oil and Gas in a Low Price Environment
Rob Myatt | Oilman Magazine The COVID-19 pandemic has put many oil and gas companies in financially difficult positions. In response to low oil prices and a decline in earnings, … Read More
Forgiveness Application for the Paycheck Protection Program
On Friday, May 15, the SBA released its official application for PPP loan forgiveness. The application has four components with accompanying instructions: Loan Forgiveness Calculation Form PPP Schedule A Schedule A worksheet … Read More
What To Do After Your PPP Loan Is Approved
Kansas Independent Oil & Gas Association hosted a webinar about everything you need to know about the Paycheck Protection Program. They covered topics such as: When do I take my … Read More
Interest Deductibility CARES Act
The cap was raised from allowing 30% of interest payments to be deducted in the year in which occurred to 50%. The effective date for this change means it applies … Read More
Net Operating Loss (NOL) Provisions CARES Act
The CARES Act implemented numerous changes regarding Net Operating Losses. It allows for a 5 year carry back. The effective date for this change means the change applies to the … Read More
CARES Act Money Bookmarked for Oil & Gas
17 GOP senators are urging The Honorable Steven Mnuchin, Secretary of the Treasury, to ensure some of the $500 billion in Treasury loans from the CARES Act goes to oil … Read More
Emergency Paid Leave Programs
On April 1, the U.S. Department of Labor (DOL) announced new action regarding how “American workers and employers will benefit from the protections and relief” offered by the Emergency Paid … Read More
New Paid Leave Requirement
Starting April 1, 2020, businesses with fewer than 500 employees will need to provide employees with paid time off for a variety of reasons relating to the COVID-19 pandemic. This is in … Read More
Employee Retention Credit
The Treasury Department’s Employee Retention Credit program launched this week. The program is designed to encourage businesses that don’t qualify for the SBA’s Payment Protection Program to keep employees on … Read More
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