UPDATED 04/09/20 Technical Correction EMAIL BLAST 3/31/20 AM As we continue to wade through the details of the CARES Act provisions, we have found one correction to the email blast issued yesterday with respect to the PPP Loan and the June 30, 2020 end date. The June 30, 2020 date is only applicable to the...Read More→
News & Events
Since our last couple of bulletins on Monday and Tuesday there hasn’t been any new legislation, however, there has been more information coming out regarding updates and additional guidance regarding the CARES Act, especially on the Paycheck Protection Program loan (PPP loans). We wanted to update you on the additional information that’s come to our...Read More→
Since our Friday Bulletin, there has been further guidance issued which we want to update you regarding the CARES Act Paycheck Protection Program loan (PPP loans). This continues to be a somewhat fluid situation as agencies, lenders, and individuals are attempting to apply the guidelines spelled out in the CARES Act legislation so it is...Read More→
Our 4/6/2020 Bulletin Release yesterday outlined points concerning the $100,000 Cap on Annual Compensation per employee. This issue continues to get substantial attention concerning what is to be included. The Treasury Department issued FAQs on their website yesterday providing additional clarification on this issue. See https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf According to this latest Treasury guidance, the $100,000 cap on...Read More→
In this bulletin, we wanted to provide details on two CARES Act provisions mentioned in our 3-31-20 bulletin unrelated to the PPP loan as well as a few pointers on the PPP loans, unemployment for self-employed individuals, new EIDL grant restrictions and the Employee Retention Payroll Tax Credit. While SBA loans will generally be used...Read More→
While we wait for additional SBA guidance to come out, we want to provide some pointers and information for those who have received PPP loan proceeds from the first round of funding or who intend to apply for a PPP loan during the second round of funding. Understand that for the moment, these should be...Read More→
Just when we thought things were settling down a bit, bad news from IRS Chief Counsel’s office hits at the end of last week in Notice 2020-32. This Notice details the IRS position on “covered expenses” paid which qualify for PPP loan forgiveness, and whether those covered expenses are deductible business expenses. The IRS has...Read More→
Late in the day, Friday, May 15, 2020, the SBA came out with the instructions and application borrowers will use to request PPP loan forgiveness from their lender. While this new information provides some welcomed relief to pieces of the forgiveness puzzle for many, it falls short in answering all outstanding questions that still remain...Read More→
Looking back at the COVID whirlwind, the original PPP loan legislation was rapidly drafted and signed into law the week of March 23, 2020, which was concurrent with many State Governor’s forcing business closures and issuing stay at home orders due to COVID. The timing of these events was a disaster to the PPP loan...Read More→