Democrats Introduce The Health and Economic Recovery Omnibus Emergency Solutions (“HEROES”) Act, Their $3 Trillion Stimulus Package COVID-19 Business Update House Democrats introduced their version of stimulus funding recently. The Health and Economic Recovery Omnibus Emergency Solutions (“HEROES”) Act is…
If You Did Not Get PPP Funding the Employee Retention Credit May Be Available to Your Business COVID-19 Business Update Businesses that are not eligible for the Paycheck Protection Program (PPP) loan, or are perhaps unable to secure the funds,…
SBA Provides Safe Harbor For PPP Loans Under $2 Million, With Recently Released FAQ #46 COVID-19 Business Update In recently released Frequently Asked Question 46 (FAQ #46), the Small Business Administration (SBA), in conjunction with the Department of the Treasury,…
Details of the Main Street Lending Program COVID-19 Business Update The Main Street Lending Program (“MSLP”) is designed to provide financial support to small and medium-sized businesses by providing credit in order to maintain operations and payroll until conditions normalize.…
SBA Extends Safe Harbor Date for Returning PPP Funds to May 14 COVID-19 Business Update The U.S. Small Business Administration (SBA) has extended the safe-harbor period for returning Paycheck Protection Program (PPP) funds to May 14. A May 7th deadline…
Tax Treatment of the Forgiven Portion of PPP Financing COVID-19 Business Update The forgiven portion of the loans received under the Paycheck Protection Program (PPP) will not be taxable based on the language of section 1106(j) of the CARES Act.…
U. S. Treasury Secretary Steve Mnuchin Declares That Companies That Received Over $2 Million in PPP Funding Will Have Loans Reviewed COVID-19 Business Update U.S. Treasury Secretary Steve Mnuchin has announced that all companies who received over $2 million of…
Recent Update to Paycheck Protection Program (PPP) May Require Repayment of PPP Loans by May 7, 2020 For Select Businesses COVID-19 Business Update A recent update to the Paycheck Protection Program (PPP) FAQ sheet (FAQ #31) may cause issues for…
Applying for Paycheck Protection Program Loans With Multiple Lenders Can Be Problematic COVID-19 Business Update To maximize their chances of receiving funding under the Paycheck Protection Program (PPP) business owners have been submitting PPP applications to multiple funding sources. The…
Paycheck Protection Program Rules for Partners and Members of Partnerships and LLCs, and Other Self-Employed Individuals COVID-19 Business Update The Paycheck Protection Program (PPP) allows independent contractors and other self-employed individuals, including partners in partnerships and members of LLCs, impacted…