COVID-19 – 05-19-20 BULLETIN RELEASE – PPP Loan Forgiveness Further Guidance

Late in the day, Friday, May 15, 2020, the SBA came out with the instructions and application borrowers will use to request PPP loan forgiveness from their lender. While this new information provides some welcomed relief to pieces of the forgiveness puzzle for many, it falls short in answering all outstanding questions that still remain … Continued →

COVID-19 – 05-04-20 BULLETIN RELEASE – PPP Loan – IRS Guidance

Just when we thought things were settling down a bit, bad news from IRS Chief Counsel’s office hits at the end of last week in Notice 2020-32.  This Notice details the IRS position on “covered expenses” paid which qualify for PPP loan forgiveness, and whether those covered expenses are deductible business expenses. The IRS has … Continued →

COVID-19 – 04-13-20 BULLETIN RELEASE – Other CARES Act Benefits 

In this bulletin, we wanted to provide details on two CARES Act provisions mentioned in our 3-31-20 bulletin unrelated to the PPP loan as well as a few pointers on the PPP loans, unemployment for self-employed individuals, new EIDL grant restrictions and the Employee Retention Payroll Tax Credit. While SBA loans will generally be used … Continued →

COVID-19 – 04-07-20 BULLETIN RELEASE – Technical Correction

Our 4/6/2020 Bulletin Release yesterday outlined points concerning the $100,000 Cap on Annual Compensation per employee. This issue continues to get substantial attention concerning what is to be included. The Treasury Department issued FAQs on their website yesterday providing additional clarification on this issue. See  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf According to this latest Treasury guidance, the $100,000 cap on … Continued →