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The bipartisan House-approved Paycheck Protection Program Flexibility Act (H.R. 7010) was passed on June 3, 2020, after Senate Majority Leader Mitch McConnell, (R-KY), pushed his colleagues to support the measure
The House of Representatives overwhelmingly approved the Paycheck Protection Program Flexibility Act (H.R. 7010) on May 28, 2020. The bill passed with 417 members voting yes and just one dissenting
A week after releasing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Instructions and Application on May 15, 2020, the U.S. Treasury and Small Business Administration (SBA) followed up with
Even as borrowers of the Paycheck Protection Program (PPP) loans begin the process of applying for loan forgiveness, and though they still await final regulations and guidance, members of the
The Small Business Administration (SBA), in consultation with the U.S. Department of Treasury released their Paycheck Protection Program (PPP) loan forgiveness application on Friday, May 15, 2020. Included with the
Since the first U.S. case of the novel coronavirus (COVID-19) was reported in Washington State on January 21, 2020, more than 1.3 million Americans have contracted the virus. In addition
With pressure mounting and a looming potential deadline for borrower amnesty for Paycheck Protection Program (PPP) loans inappropriately taken, the Small Business Administration (SBA) has provided good news for borrowers.
Though not noted in its recent news release announcing that the application portal would reopen for certain agricultural businesses now eligible for the SBA’s Economic Injury Disaster Loan (EIDL) and
The Coronavirus Aid, Relief and Economic Security (CARES) Act as well as the Families First Coronavirus Response Act (FFCRA), both enacted in March, 2020, provide employers with substantial incentives that
IRS Notice 2020-32, released last week, clarified that expenses paid with proceeds from a Paycheck Protection Program (PPP) loan will NOT be deductible in the determination of an employer’s/borrower’s taxable
The Internal Revenue Service confirmed on May 6, 2020, that deceased taxpayers are not eligible for the coronavirus stimulus payment checks (economic impact payments) issued under the CARES Act. The
The Treasury issued new guidance on May 5, 2020, regarding an employer’s ability to qualify as for the Employee Retention Credit (ERC) in the event that an employer/borrower of a
