News & Knowledge
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...
Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar20200828115729
Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar
August 28, 2020
Watch FML’s Amber Tucker Director, Assurance & Advisory Services and Ed Spinella, Chair of Tax Exempt Organizations Practice Group Murtha Cullina LLP as they present the latest on UPMIFA Rules as they relate to COVID and more. This webinar was produced in conjunction with TANGO on August ...
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 ...
Financial Recognition of PPP Loan20200616154509
Financial Recognition of PPP Loan
June 16, 2020
The AICPA has released Q&A Section 3200.18 answering a frequently asked question regarding how Companies will account for the forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A common thought is repeated in the AICPA’s document “[a]lthough the l...
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 ...
