News
FML Plays Key Advisory Role in Recent Acquisition20201026164131
FML Plays Key Advisory Role in Recent Acquisition
October 26, 2020
FML is pleased to congratulate client Compass Partners Capital LLC upon its recent acquisition of PRL, Inc. to help create a class-defining enterprise that will serve the United States Navy, as well as nuclear power and railroad industries. FML worked as advisors to Compass Partners LLC during this ...
Change in Ownership of Entity that Received PPP Funds20201013081736
Change in Ownership of Entity that Received PPP Funds
October 13, 2020
SBA Procedural Notice provides a framework to determine whether SBA consent is required for various changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. ...
Streamlined Application Released for PPP loans under $50,00020201009112859
Streamlined Application Released for PPP loans under $50,000
October 9, 2020
On October 8, 2020, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less than $50,000. Although forgiveness will NOT be automatic, several of the issues that make the application for forgiveness time-consuming have been removed for these small bo...
Executive Order on Payroll Tax Deferral20200901144446
Executive Order on Payroll Tax Deferral
September 1, 2020
On August 8, 2020, President Trump issued an executive order regarding the deferral of certain employee funded social security taxes (i.e. 6.2%). Of note, the CARES ACT allowed some employers to defer the employer funded portion of social security taxes. On August 28, the IRS issued Noti...
Interim Rule (Owner Comp Limitations and Rent)20200826102550
Interim Rule (Owner Comp Limitations and Rent)
August 26, 2020
On August 24, 2020, the SBA issued Interim Rule on Business Loan Program Temporary Changes – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. The new interim rule addresses the following issues: 1) owner compensation for S Corp and C Corp owners and 2)&nbs...
One more hurdle for not-for-profits amid other COVID concerns20200724112959
One more hurdle for not-for-profits amid other COVID concerns
July 24, 2020
Not-for-profits, like many other small businesses, have struggled during the current socioeconomic conditions that have arisen as a result of COVID-19. Many not-for-profits went into March providing services for the communities of Connecticut while running at a loss, dependent on Federal, State and ...
Revised PPP Loan Forgiveness Application and Updated Guidance20200619093342
Revised PPP Loan Forgiveness Application and Updated Guidance
June 19, 2020
On June 17, 2020 the SBA issued the revised PPP Loan Forgiveness Application(s) and issued Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules. Both provide necessary updates to loan forgiveness pursuant to the PPP Flexibility Act signed into law ...
Paycheck Protection Program Flexibility Act of 202020200608090700
Paycheck Protection Program Flexibility Act of 2020
June 8, 2020
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) which generally allows greater flexibility with respect to the Paycheck Protection Program, Section 7(a) business loans, that were enacted on March 27, 2020 as part ...
Urgent Update – PPP Flexibility Act20200604093437
Urgent Update – PPP Flexibility Act
June 4, 2020
Late night on June 3, 2020, the Senate passed the House’s PPP Flexibility Act which is expected to be signed by the President shortly. Main provisions/changes of the PPP Flexibility Act that will be discussed in detail include: “Covered Period” for spending PPP loan funds, and qualifying...
Highlights of the SBA PPP Loan Forgiveness Application20200518133457
Highlights of the SBA PPP Loan Forgiveness Application
May 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...
