May 26, 2020 | COVID-19 Response, Firm Updates
SBA Reviews of Individual PPP Loans The SBA may review any PPP loan, as they deem appropriate SBA may review whether a borrower is eligible for the PPP loan based on provisions of the CARES Act, the rules and guidance available at the time of the borrower’s PPP...
May 26, 2020 | COVID-19 Response, Firm Updates
These Interim Final Rules were issued on May 22, 2020 This post should be used in conjunction with our May 19, 2020 blog which can be found here. Loan Forgiveness Process A borrower must complete and submit the Loan Forgiveness Application (SBA Form 3508 or lender...
May 19, 2020 | COVID-19 Response, Firm Updates
General There are two periods to consider for the application, the Covered Period and the Alternative Payroll Covered Period. The Covered Period is the eight-week (56-day) period that your Paycheck Protection Program covers. The first day of the covered period is the...
May 13, 2020 | COVID-19 Response, Firm Updates
The U.S. Department of the Treasury and the Small Business Administration have released updated Paycheck Protection Program FAQs which state that “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2...
May 8, 2020 | COVID-19 Response, Firm Updates
The CARES Act waived required minimum distributions (RMDs) for 2020. However, some taxpayers may have already taken distributions from retirement accounts in 2020. Under recently issued IRS guidance, they may have the opportunity to reverse the distribution. The IRS...
May 1, 2020 | COVID-19 Response, Firm Updates
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses...
