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
Under section 1106(i) of the CARES Act, the amount of a loan forgiven under the Payroll Protection Program (PPP) is excluded ...
SBA’s Loan Necessity Questionnaire20201103134128
SBA’s Loan Necessity Questionnaire
The SBA, when reviewing applications for PPP loan forgiveness, have been requesting additional information. Included in this ...
Change in Ownership of Entity that Received PPP Funds20201013081736
Change in Ownership of Entity that Received PPP Funds
SBA Procedural Notice provides a framework to determine whether SBA consent is required for various changes of ownership of a...
Streamlined Application Released for PPP loans under $50,00020201009112859
Streamlined Application Released for PPP loans under $50,000
On October 8, 2020, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less...
Executive Order on Payroll Tax Deferral20200901144446
Executive Order on Payroll Tax Deferral
On August 8, 2020, President Trump issued an executive order regarding the deferral of certain employee funded social securit...
Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar20200828115729
Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar
Watch FML’s Amber Tucker Director, Assurance & Advisory Services and Ed Spinella, Chair of Tax Exempt Organization...
Interim Rule (Owner Comp Limitations and Rent)20200826102550
Interim Rule (Owner Comp Limitations and Rent)
On August 24, 2020, the SBA issued Interim Rule on Business Loan Program Temporary Changes – Treatment of Owners a...
One more hurdle for not-for-profits amid other COVID concerns20200724112959
One more hurdle for not-for-profits amid other COVID concerns
Not-for-profits, like many other small businesses, have struggled during the current socioeconomic conditions that have arise...
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...
