ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds20201120130620

ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds

FMLNovember 20, 2020
Under section 1106(i) of the CARES Act, the amount of a loan forgiven under the Payroll Protection Program (PPP) is excluded from taxable income. A loan may be forgiven under the PPP Program if the proceeds are used towards eligible payroll costs, interest on covered mortgage obligations, covered re...
SBA’s Loan Necessity Questionnaire20201103134128

SBA’s Loan Necessity Questionnaire

FMLNovember 3, 2020
The SBA, when reviewing applications for PPP loan forgiveness, have been requesting additional information. Included in this additional information has been a “Loan Necessity Questionnaire” that is required to be completed within 10 business days of receipt from your Lender....
FML Plays Key Advisory Role in Recent Acquisition20201026164131

FML Plays Key Advisory Role in Recent Acquisition

FMLOctober 26, 2020
FML is pleased to congratulate client Compass Partners Capital LLC upon its recent acquisition of PRL, Inc. to help create a class-defining enterprise that will serve the United States Navy, as well as nuclear power and railroad industries. FML worked as advisors to Compass Partners LLC during this ...
Change in Ownership of Entity that Received PPP Funds20201013081736

Change in Ownership of Entity that Received PPP Funds

FMLOctober 13, 2020
SBA Procedural Notice provides a framework to determine whether SBA consent is required for various changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. ...
Streamlined Application Released for PPP loans under $50,00020201009112859

Streamlined Application Released for PPP loans under $50,000

FMLOctober 9, 2020
On October 8, 2020, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less than $50,000. Although forgiveness will NOT be automatic, several of the issues that make the application for forgiveness time-consuming have been removed for these small bo...
Executive Order on Payroll Tax Deferral20200901144446

Executive Order on Payroll Tax Deferral

FMLSeptember 1, 2020
On August 8, 2020, President Trump issued an executive order regarding the deferral of certain employee funded social security taxes (i.e. 6.2%).  Of note, the CARES ACT allowed some employers to defer the employer funded portion of social security taxes.  On August 28, the IRS issued Noti...
Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar20200828115729

Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar

FMLAugust 28, 2020
Watch FML’s Amber Tucker Director, Assurance & Advisory Services  and Ed Spinella, Chair of Tax Exempt Organizations Practice Group Murtha Cullina LLP as they present the latest on UPMIFA Rules as they relate to COVID and more. This webinar was produced in conjunction with TANGO on August ...
Interim Rule (Owner Comp Limitations and Rent)20200826102550

Interim Rule (Owner Comp Limitations and Rent)

FMLAugust 26, 2020
On August 24, 2020, the SBA issued Interim Rule on Business Loan Program Temporary Changes – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.  The new interim rule addresses the following issues:  1) owner compensation for S Corp and C Corp owners and 2)&nbs...
One more hurdle for not-for-profits amid other COVID concerns20200724112959

One more hurdle for not-for-profits amid other COVID concerns

FMLJuly 24, 2020
Not-for-profits, like many other small businesses, have struggled during the current socioeconomic conditions that have arisen as a result of COVID-19. Many not-for-profits went into March providing services for the communities of Connecticut while running at a loss, dependent on Federal, State and ...
Revised PPP Loan Forgiveness Application and Updated Guidance20200619093342

Revised PPP Loan Forgiveness Application and Updated Guidance

FMLJune 19, 2020
On June 17, 2020 the SBA issued the revised PPP Loan Forgiveness Application(s) and issued Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules. Both provide necessary updates to loan forgiveness pursuant to the PPP Flexibility Act signed into law ...
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