Coronavirus News & Resources for Businesses and Individuals

FML is working to keep our clients and associates updated with the most accurate and timely information regarding rules and regulations that may affect your business as the Coronavirus/COVID-19 event continues. Here, find the latest on tax deadline changes, news to help your business thrive now, and pieces from our leadership to help you weather this storm.

Revised PPP Loan Forgiveness Application and Updated Guidance20200619093342

Revised PPP Loan Forgiveness Application and Updated Guidance

On June 17, 2020 the SBA issued the revised PPP Loan Forgiveness Application(s) and issued Interim F...
Financial Recognition of PPP Loan20200616154509

Financial Recognition of PPP Loan

The AICPA has released Q&A Section 3200.18 answering a frequently asked question regarding how Companies will account for...
Paycheck Protection Program Flexibility Act of 202020200608090700

Paycheck Protection Program Flexibility Act of 2020

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPP...
Urgent Update – PPP Flexibility Act20200604093437

Urgent Update – PPP Flexibility Act

Late night on June 3, 2020, the Senate passed the House’s PPP Flexibility Act which is expected to be signed by the President...
Highlights of the SBA PPP Loan Forgiveness Application20200518133457

Highlights of the SBA PPP Loan Forgiveness Application

On May 15th, the Small Business Administration released the PPP Loan Forgiveness Application which will be reviewed by lender...
An important clarification regarding the Paycheck Protection Program20200513130530

An important clarification regarding the Paycheck Protection Program

Many businesses receiving PPP loans have been in the dark recently regarding the SBA’s guidance (or lack thereof) on certain ...
Paycheck Protection Program Section 265: Alert20200503170447

Paycheck Protection Program Section 265: Alert

On April 30, 2020, the IRS issued Notice 2020-32 regarding the deductibility for Federal income tax purposes of cer...
Main Street Lending Program Summary20200417095702

Main Street Lending Program Summary

On April 9, 2020, the Federal Reserve released the Main Street Lending Program, consisting of 2 distinct programs: Program 1:...
Guidance for the Self-Employed on the Paycheck Protection Program20200414205437

Guidance for the Self-Employed on the Paycheck Protection Program

On April 14, 2020, the Small Business Administration (SBA) released an Interim Final Rule providing guidance on eligibility i...
Important Update Regarding Payroll Tax Deferral20200414095238

Important Update Regarding Payroll Tax Deferral

On April 13, 2020, the IRS issued 2020ARD 073-2 regarding frequently asked questions on payroll tax deposits and specifically...
COVID-19 Business Response Program Line of Credit20200413170953

COVID-19 Business Response Program Line of Credit

As part of a continuing effort by the State of Connecticut, Governor Lamont is partnering up with HEDCO, Inc., State of ...
CARES Act Legislative Overview Webinar Resources20200413105914

CARES Act Legislative Overview Webinar Resources

If you couldn't attend our CARES Act webinars on April 6 and April 9, we're making the recording, slides, and FAQs from our A...
Tax Deadline Expanded IRS Notice 2020-2320200410134124

Tax Deadline Expanded IRS Notice 2020-23

IRS Notice 2020-23 expands prior IRS Notices by extending tax filing and payment deadlines to July 15, 2020 for a much broade...
CARES Act & Paycheck Protection Program – FAQs20200407193126

CARES Act & Paycheck Protection Program – FAQs

The following is based on new guidance released on the evening of April 6, 2020, and questions asked during FML’s recen...
Affiliation Guidance Relating to the Paycheck Protection Program20200404102736

Affiliation Guidance Relating to the Paycheck Protection Program

On April 3, 2020, the Small Business Administration (SBA) and the US Treasury issued guidance on Affiliation rules applicable...
SBA Economic Injury Disaster Loan (EIDL) Program20200330160202

SBA Economic Injury Disaster Loan (EIDL) Program

On March 6, 2020, the House passed and President Trump signed the Coronavirus Preparedness and Response Supplementa...
The CARES Act: What Not-for-Profits Need to Know20200330133810

The CARES Act: What Not-for-Profits Need to Know

On March 27, the House unanimously passed and President signed into law the Coronavirus Aid, Relief, and Economic Security (C...
Individual Tax Considerations for the CARES Act – Alert20200330125518

Individual Tax Considerations for the CARES Act – Alert

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provi...
Business Tax Considerations for the CARES Act: Deep Dive20200330101800

Business Tax Considerations for the CARES Act: Deep Dive

FML leadership shares insights that could affect how your business approaches this legislation On March 27, 2020, Presid...
Business Tax Considerations for the CARES Act – Alert20200330090300

Business Tax Considerations for the CARES Act – Alert

On March 27, 2020, President Trump signed into law the $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security ...
CARES Act – Considerations for Venture Capital Backed Companies20200328182648

CARES Act – Considerations for Venture Capital Backed Companies

The following has been summarized for FML audiences from a synopsis of the CARES Act title...
CARES Act – Paycheck Protection Program20200328112207

CARES Act – Paycheck Protection Program

UPDATED April 7, 2020 On March 27, 2020, the House passed and President Trump signed the Coronavirus Aid, Relief, and Economi...
Connecticut Recovery Bridge Loan Program20200326101800

Connecticut Recovery Bridge Loan Program

On Wednesday, March 25, 2020, Governor Lamont and the State of Connecticut launched the Connecticut Recovery Bridge Loan...
HR 6201 – Paid Sick Time and Paid Family Medical Leave20200325104306

HR 6201 – Paid Sick Time and Paid Family Medical Leave

Under the law, employers with fewer than 500 employees are allowed a credit against employer Social Security tax liability eq...
Tax Extensions due to COVID-1920200319154333

Tax Extensions due to COVID-19

Updated 4/15/20 10:40 a.m. EDT – the original post was published on 3/19/20 at 3:43 p.m. EDT As expected, in response t...
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