The new COVID-19 relief bill offers another lifeline to struggling businesses.

In late December 2020, a new COVID-19 relief bill designed to support struggling businesses and citizens was signed into law.  Featuring a wide range of support, it included funds for the Small Business Association (SBA) and their various assistance programs, stimulus checks, additional unemployment benefits, and more. In this blog post, we will briefly coverRead more

New IRS Guidance Allows PPP Borrowers to Deduct Expenses

The IRS issues guidance on the ability to deduct eligible PPP expenses On January 6, 2021, the IRS provided new guidance on the topic of deductible expenses related to the SBA’s Paycheck Protection Program (PPP).  The new guidance (Rev. Rul. 2021-2) will allow borrowers to deduct eligible expenses paid for with PPP funds, even ifRead more

TAX GUIDANCE FOR PPP BORROWERS

Update: January 7, 2021 – The Treasury Department and the IRS issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a under the Paycheck Protection Program (PPP). IRS STATES BUSINESS OWNERS CAN’T DEDUCT EXPENSES PAID WITH PPP LOAN OnRead more

With the holiday season upon us, we embrace a time of giving

Everything we do at Bank of Sothern California is driven by our desire to be the strongest community partner possible.  From our banking services offered to local small businesses and individuals, to our dedication to supporting charitable organizations, we strive to be a positive contributor in the neighborhoods where we operate. This year especially, weRead more