The Paycheck Protection Program Flexibility Act (PPPFA) passed nearly unanimously by the U.S. House of Representatives and U.S. Senate. President Trump signed it into law on Friday June 5, 2020. The PPPFA was intended to ease some of the forgiveness provisions of the CARES Act passed on March 27, 2020, as well as correct some [...]
On May 28, 2020, the House overwhelmingly passed a bill to loosen key rules for the Paycheck Protection Program (PPP). The plan would: Reduce the percentage of aid money that must be spent on payroll from 75% to 60% Extend the window businesses have to use the funds from 8 weeks to six months Push [...]
Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the necessity certification required for all PPP loans to return the funds. This extension is intended [...]
Today the SBA again updated its FAQs related to PPP loans, this time with a welcome safe harbor to the “necessity” certification required by all borrowers. In FAQ46, the SBA announced that “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be [...]
Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work. As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced, in part, if a PPP borrower’s average number of full-time equivalent employees during the 8-week [...]
The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]
On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the COVID-19 pandemic. For full details visit www.montcopa.org/MontcoStrongSBGP. Applications will be accepted beginning on Wednesday, April [...]
Information regarding COVID-19 support is coming fast and from many sources. We felt our clients would benefit from a summary of the Families First Coronavirus Response Act. View Summary This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication [...]