Miscellaneous
Before it could even get started, round two of the Paycheck Protection Program (PPP) ran into problems with the SBA website failing to handle the deluge of applications from banks both big and small. The blame game intensifies, with private schools joining public companies on Sec. Mnuchin's naughty list. Meanwhile, the Justice Department is launching an investigation of possible PPP application fraud, and the IRS decided that PPP loan-related expenses will NOT qualify for tax deductions. Finally, the AICPA urges PPP loan forgiveness guidance and makes recommendations, and we've got a survey of small businesses showing how the PPP is working out for them.