News
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...
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...
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...
SBA Economic Injury Disaster Loan (EIDL) Program20200330160202
SBA Economic Injury Disaster Loan (EIDL) Program
March 30, 2020
On March 6, 2020, the House passed and President Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA ACT) allowing for the expansion of disaster areas to include those impacted by the Coronavirus. On March 27, 2020, President T...
The CARES Act: What Not-for-Profits Need to Know20200330133810
The CARES Act: What Not-for-Profits Need to Know
March 30, 2020
On March 27, the House unanimously passed and President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus law intended to provide immediate relief for individuals, nonprofits, businesses, and state and local governments. The CARES Act is ...
Individual Tax Considerations for the CARES Act – Alert20200330125518
Individual Tax Considerations for the CARES Act – Alert
March 30, 2020
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third phase of federal government aid related to COVID-19. The CARES Act...
Business Tax Considerations for the CARES Act: Deep Dive20200330101800
Business Tax Considerations for the CARES Act: Deep Dive
March 30, 2020
FML leadership shares insights that could affect how your business approaches this legislation On March 27, 2020, President Trump signed into law the $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748). The CARES Act includes many fe...
Business Tax Considerations for the CARES Act – Alert20200330090300
Business Tax Considerations for the CARES Act – Alert
March 30, 2020
On March 27, 2020, President Trump signed into law the $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), which includes many federal income tax relief provisions for business taxpayers and their owners. FML’s Justin Wilcox, Lisa Willauer and Bill Claffey e...
CARES Act – Paycheck Protection Program20200328112207
CARES Act – Paycheck Protection Program
March 28, 2020
UPDATED April 7, 2020 On March 27, 2020, the House passed and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT). Title I, the Keeping American Workers Paid and Employment Act provides one of the key provisions of this Stimulus legislation, the Paycheck Protec...
Connecticut Recovery Bridge Loan Program20200326101800
Connecticut Recovery Bridge Loan Program
March 26, 2020
On Wednesday, March 25, 2020, Governor Lamont and the State of Connecticut launched the Connecticut Recovery Bridge Loan Program to offer assistance to qualified businesses and nonprofit organizations in Connecticut in need of cash to get through the Covid-19 emergency. Loans will be appr...