Main Street Lending Program Summary20200417095702
Main Street Lending Program Summary
April 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
April 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
April 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
April 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
April 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
April 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
April 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...
Affiliation Guidance Relating to the Paycheck Protection Program20200404102736
Affiliation Guidance Relating to the Paycheck Protection Program
April 4, 2020
On April 3, 2020, the Small Business Administration (SBA) and the US Treasury issued guidance on Affiliation rules applicable to the Paycheck Protection Program (PPP). The guidance outlines four major tests that can establish affiliation for the PPP: Test 1 – Affiliation based upon ownership F...
