The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other…
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The Paycheck Protection Program application deadline has officially been extended to August 8th. Under the program, the SBA had approved almost 4.9 million loans, totaling $520.6 billion. Despite the program’s popularity, it had approximately $130 billion in unallocated funds when…
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New PPP rules, applications and guidance are almost a daily occurrence and last week was no exception. The June 22 Interim Final Rule officially updates the language of the Final Rules to include the changes enacted by the PPP Flexibility…
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The U.S. Small Business Administration (SBA) released a revised Paycheck Protection Program (PPP) loan forgiveness application and instructions and also unveiled a new EZ application for forgiveness of certain PPP loans. The new borrower-friendly applications and instructions reflect changes to…
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UPDATED: In response to the Paycheck Protection Flexibility Act, the Small Business Administration amended its rules governing the Paycheck Protection Program (PPP) to allow small businesses to qualify for partial loan forgiveness even if 60% of the government-financed loan wasn’t…
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Fraudsters are on attack, using malicious email, text message and telephone scams designed to steal tax refunds and government stimulus checks being distributed to eligible individuals. Don’t fall for common scams: Internal Revenue Service (IRS) ChecksNo business/service can get…
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The delay in receiving your stimulus check could be the result of anything from the IRS scheduling the payment for later in 2020 to the agency needing additional information before it can send the money. Here are some of the…
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Late June 3, 2020, U.S. Senate passed the House version of Paycheck Protection Flexibility Act (PPFA), which makes significant changes to loan forgiveness rules. Among the key provisions is a change in the threshold for the amount of PPP funds…
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A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage,…
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with…
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies…
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Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night, May 22nd, that provides some clarity on several loan forgiveness questions but leaves key questions unanswered. The two new interim final rules issued…
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The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The SBA explained that the application and instructions “include several measures to reduce compliance burdens and simplify the process…
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There is a new PPP interim final rule (the tenth) on increasing PPP loan amounts for partnerships and seasonal employers. Before this rule, small businesses that are structured as partnerships or classified as seasonal employers did not have any clear…
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UPDATED: On May 13th, the Treasury and SBA have released favorable guidance for the PPP economic need certification. They have also clarified that an employer that applied for a PPP loan, received payment, and repays the loan by the safe…
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IMPORTANT NOTE: The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The Application and Instructions do not answer all key questions, but a number of calculations and substantive…
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The Federal Reserve Board recently announced changes to its new ‘Main Street Lending Program’ (MSLP), created to help small to medium-sized businesses that need access to cash because of the coronavirus pandemic. The MSLP provides a $600 billion fund to…
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The Business Invest – Illinois Small Business COVID-19 Relief Program (“Program”) is an impact investment loan program under which the State Treasurer Michael Frerichs has now made available up to $500 million in deposits to banks and credit unions throughout…
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The rules and guidance regarding the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) loans authorized in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) continue to evolve. The CARES Act provides that, “an eligible [PPP loan] recipient…
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IMPORTANT NOTE: The PPP program is now replenished for round two. We encourage all eligible small businesses to apply now through their financial institution or through an online lender as the funds will quickly run out. While the EIDL program…
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