Partial PPPF Loan Forgiveness Remains If 60% Threshold Not Met Based On SBA Updated Guidance COVID-19 Business Update Under the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), which updates the Paycheck Protection Program (PPP), borrowers can qualify for partial…
Final Provisions of The Paycheck Protection Program Flexibility Act COVID-19 Business Update The Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”), signed by President Trump on June 5, 2020 will provide additional flexibility to many borrowers attempting to maximize the…
Senate Passes Updated Version of Paycheck Protection Program COVID-19 Business Update The U.S. Senate has passed the House version of a revised Paycheck Protection Program (PPP) bill. The Senate approval sends the bill, called the Paycheck Protection Flexibility Act, to President…
Did Your Business Have a Great 2019 But Cannot Pay Its 2019 Taxes Because of the Impact of COVID-19? IRC Sec. 165 May Provide a Possible Solution. COVID-19 Business Update Many businesses had a profitable year in 2019 and found…
House Passes Bill That Eases PPP Forgiveness Requirements COVID-19 Business Update The U.S. House’s recently approved legislation has made it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of these loans.…
New York Forward Loan Fund Focused on Small Businesses, Not-For-Profits, and Small Landlords COVID-19 Business Update New York State recently announced an economic recovery loan program for small businesses, not-for-profit (NFP) organizations, and small landlords (50 units or less) that…
CARES Act Expands Retirement Plan Distribution and Loan Options COVID-19 Business Update Section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans to qualified…
FASB Agrees to Extend by One Year Revenue Recognition Effective Date for Privately Held Companies COVID-19 Business Update The Financial Accounting Standard Board (FASB) has agreed to extend by one year the effective date of its revenue recognition and lease…
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application COVID-19 Business Update The Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers…
SBA Further Extends Repayment Date for PPP Loans to May 18; Allows for Increase in PPP Loans to Select Partnerships and Seasonal Employers COVID-19 Business Update The U.S. Small Business Administration (SBA) has extended the safe harbor for returning Paycheck…