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 ...