The SBA has released an updated forgiveness application form for the Paycheck Protection Program (PPP) — form 3508 and instructions. They also introduced a streamlined version of the forgiveness application — form 3508EZ and instructions. The updates include the changes passed two...
Read MoreParticipants in the Qualified Opportunity (QO) Zone Program were provided with much needed relief on June 4, 2020, when Treasury issued Notice 2020-39. This notice clarifies relief provided under Section 7508A for QO Zone Funds and their investors in response to the COVID-19 pandemic, and...
Read MoreWednesday evening, the Senate unanimously passed legislation that was passed in the House last week 417 to 1. This legislation is expected to be signed by the president today. It will allow more flexibility for businesses that have borrowed (or will borrow) under the Payroll Protection Program...
Read MoreThe SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. They also announced they will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide...
Read MoreOn May 13, 2020, the SBA and Treasury issued Interim Final Rule on Loan Increases, allowing partnerships and seasonal businesses to potentially qualify for higher loan amounts from the Paycheck Protection Program (PPP) — even if they have already received a disbursement.Prior to the Interim...
Read MoreOn May 13, 2020, the SBA and Treasury announced a piece of much-awaited guidance related to the Paycheck Protection Program (PPP). FAQ #46 offers relief regarding the certification all PPP loan borrowers must make: “that the current economic uncertainty makes this loan request necessary to...
Read MoreThe Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers who wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14...
Read MoreAs states continue to offer tax return filing, payment deferrals and other assistance measures in light of the COVID-19 pandemic, we take a closer look at New York.Learn more about relief efforts identified in other states in which our firm is located in our easy-to-use spreadsheet trackerNew...
Read MoreOn the heels of the announcement regarding the Interim Stimulus Plan — which amends the CARES Act and offers more funding for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program — the SBA issued new guidance on April 24, 2020, clarifying certain...
Read MoreThe Coronavirus Aid, Relief, and Economic Security (CARES) Act allows eligible employers to delay payments of employer payroll taxes for the duration of 2020. However, employers that receive an SBA Paycheck Protection Program 7(a) loan are ineligible for this deferral if and when that loan is...
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