Insights

Employee or Independent Contractor Status Clarified Further by The U.S. Department of Labor

Corporate Transparency Act Ruled Unconstitutional. The Impact On Beneficial Ownership Information Reporting.

Reminder of Annual Election of New York State and New York City Pass-through Entity Tax (PTET)

House Passes Bill Expanding Child Tax Credit and Business Breaks

Additional EIDL Funding Available for a Limited Time

The SBA has reopened applications for those businesses who have already applied for and received an Economic Disaster Loan (EIDL) who may be interested in receiving additional financing before the program runs out of money.

The steps to request an increase are:

  1. Confirm your loan eligibility and review the FAQs.
  2. Log onto your Account on the SBA Portal to submit a loan modification request.
  3. Complete the portal steps and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
  4. Respond to SBA requests for signature, confirmation, and documents.

You are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the date shown on the top of the front page of your Note. During this deferment period:

  • You may make voluntary full or partial payments without prepayment penalties at Pay.gov – Home – select “Make a SBA 1201 Borrower Payment”
  • Interest will continue to accrue on your loan during the deferment
  • If you do not make voluntary payments during the deferment, a final balloon payment will be due on your loan at maturity
  • Download copies of your loan documents from the RAPID Portal for your records: Login – SBA Economic Injury Disaster Loan Portal Application

In the upcoming months, SBA will provide detailed instructions for how to start repayment before the deferred first payment is due. For more information about COVID EIDL loans, please see COVID-19 Economic Injury Disaster Loan (sba.gov). If you have any additional questions, please email disastercustomerservice@sba.gov or call the SBA Disaster Customer Service team at 833-853-5638.

The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.