Employer-Provided Disaster Relief & COVID-19

Amid the COVID-19 pandemic, many employers are looking for tax-advantaged ways to help their employees with additional expenses incurred as a result of the pandemic. Section 139 of the Internal Revenue Code provides the answer. On March 13, 2020, President Trump declared COVID-19 a national disaster under the Robert T. Stafford Disaster Relief and Emergency[ … ]

M&A: Considerations for PPP Loans

Do you have a business that received a PPP loan and now you are considering a change in ownership, like a sale, purchase of a competitor or even adding a new partner? There are several different things that need to be considered before any transaction in order to preserve your ability to get PPP loan forgiveness. Here are the questions you should be asking before you sign on the dotted line.

Latest PPP FAQ Document Provides Clarity on Some Aspects of Forgiveness

The Small Business Administration (SBA) and Treasury released an updated Paycheck Protection Program (PPP) FAQ on Aug. 4 in an effort to address PPP loan forgiveness issues that have arisen as borrowers begin to complete their applications. The 23 FAQs address various aspects of PPP forgiveness including general loan forgiveness, payroll costs, non-payroll costs, and[ … ]

SBA Issues Update First PPP Interim Final Rule Following PPP Flexibility Act

On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]

Paycheck Protection Program Flexibility Act Signed by President

On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]