Highlights of the SBA PPP Loan Forgiveness Application20200518133457

Highlights of the SBA PPP Loan Forgiveness Application

FMLMay 18, 2020
On May 15th, the Small Business Administration released the PPP Loan Forgiveness Application which will be reviewed by lenders for purposes of determining appropriate loan forgiveness.  Below are some of the highlights and clarifications: Introduction of an “Alternative Covered Period”.  T...
An important clarification regarding the Paycheck Protection Program20200513130530

An important clarification regarding the Paycheck Protection Program

FMLMay 13, 2020
Many businesses receiving PPP loans have been in the dark recently regarding the SBA’s guidance (or lack thereof) on certain good faith certifications that were provided by applicants of the PPP loan, and the additional provision that was added relating to “access to other sources of liquidity” in q...
Paycheck Protection Program Section 265: Alert20200503170447

Paycheck Protection Program Section 265: Alert

FMLMay 3, 2020
On April 30, 2020, the IRS issued Notice 2020-32 regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program and ...
Main Street Lending Program Summary20200417095702

Main Street Lending Program Summary

FMLApril 17, 2020
On April 9, 2020, the Federal Reserve released the Main Street Lending Program, consisting of 2 distinct programs: Program 1:  Main Street New Loan Facility (MSNLF), issued by the Federal Reserve on April 9, 2020, is a part of the $600B lending program designed to help small and medium-sized bu...
Guidance for the Self-Employed on the Paycheck Protection Program20200414205437

Guidance for the Self-Employed on the Paycheck Protection Program

FMLApril 14, 2020
On April 14, 2020, the Small Business Administration (SBA) released an Interim Final Rule providing guidance on eligibility issues relating to the PPP loans for individuals with self-employment income who file a Form 1040, Schedule C. Below are the highlights: ...
Important Update Regarding Payroll Tax Deferral20200414095238

Important Update Regarding Payroll Tax Deferral

FMLApril 14, 2020
On April 13, 2020, the IRS issued 2020ARD 073-2 regarding frequently asked questions on payroll tax deposits and specifically the interplay between the Paycheck Protection Program (PPP) Loan and various payroll tax deferral rules passed as part of the CARES Act....
COVID-19 Business Response Program Line of Credit20200413170953

COVID-19 Business Response Program Line of Credit

FMLApril 13, 2020
As part of a continuing effort by the State of Connecticut, Governor Lamont is partnering up with HEDCO, Inc., State of Connecticut, the CT Department of Economic & Community Development (DECD) and the CT Minority Business Initiative to provide financial relief to minority-owned a...
CARES Act Legislative Overview Webinar Resources20200413105914

CARES Act Legislative Overview Webinar Resources

FMLApril 13, 2020
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 April 9 event available to everyone who seeks insight and clarification on this complex legislation. FML Partners Frank Milone, CPA and Bill Claffey, Esq. cover the finer point...
Tax Deadline Expanded IRS Notice 2020-2320200410134124

Tax Deadline Expanded IRS Notice 2020-23

FMLApril 10, 2020
IRS Notice 2020-23 expands prior IRS Notices by extending tax filing and payment deadlines to July 15, 2020 for a much broader list of ‘specified forms’ and ‘specified payments’.  The list is expansive but only includes the items/forms therein.   We note that the extensions apply to b...
CARES Act & Paycheck Protection Program – FAQs20200407193126

CARES Act & Paycheck Protection Program – FAQs

FMLApril 7, 2020
The following is based on new guidance released on the evening of April 6, 2020, and questions asked during FML’s recent CARES Act & Other SBA Resources Webinar on the morning of April 6, 2020. Eligibility – how will foreign owners / operations impact my application?  20%> for...