PPP Loan Forgiveness Guidance

On May 22, 2020, the Treasury and Small Business Administration (SBA) released additional guidance on the PPP Loan Forgiveness requirements which helps answer questions that were left open on the Loan Forgiveness Application Instructions released on May 15,2020. The full document can be found here. Some key points of the new guidance are: Reiteration that [...]

2020-06-08T09:22:15-04:00May 28th, 2020|Categories: Covid-19|

PPP Update- Forgiveness Guidance Issued by SBA

Before getting into the SBA guidance published on May 15, 2020, we would like to point out the other welcomed announcement from SBA of a $2 million safe harbor, whereby a borrower whose combined PPP loan amounts (including its affiliates) are below this threshold will be deemed to have met the required certification on the [...]

2020-05-28T15:05:46-04:00May 18th, 2020|Categories: Covid-19|

Additional Tax Extension Guidance from Treasury on COVID-19 Relief

The Treasury Department has just issued Notice 2020-23 that clarifies and expands upon already-published automatic extension guidance as part of COVID-19 relief on various tax forms, payment due dates and other time-sensitive acts. This is welcome guidance on previously issued notices regarding automatic extensions. The notice provides that for certain specified forms, payments and time-sensitive [...]

2020-05-28T15:03:44-04:00April 10th, 2020|Categories: Covid-19|

CARES Act Tax Relief Provisions

The $2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”) that was enacted on March 27, 2020 contains a wide range of tax relief provisions for both individuals and businesses. Some of these could offer substantial tax planning opportunities for some taxpayers. We’ve identified some key tax provisions as follows: Individuals Rebate [...]

2020-04-10T10:53:28-04:00March 29th, 2020|Categories: Covid-19|

Important Department of Labor COVID-19 Updates

Federal DOL Updates The Federal Department of Labor has posted a FAQ page here to help employers address questions related to recent Families First Coronavirus Relief Act (“FFCRA”) rules that we posted about here. Federal DOL also posted this model notice for employers to post as required by the FFCRA to be posted by April [...]

2020-03-30T17:01:17-04:00March 27th, 2020|Categories: Covid-19|

New SBA 7(a) Emergency Loans in Stimulus Bill

Dear Clients and Friends: On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act in the Senate (the “CARES Act”), that is expected to be signed by the President soon. A key section of this Act involves emergency loan provisions, where the SBA is authorized to guarantee up to $349 billion [...]

2020-03-30T17:02:18-04:00March 27th, 2020|Categories: Covid-19|

IRS Clarifies Tax Extension Provisions

Following Notice 2020-18 https://www.irs.gov/pub/irs-drop/n-20-18.pdf that provided for the automatic extension until July 15, 2020 of income tax returns and tax payments otherwise due on April 15, 2020, IRS has now posted here answers to many questions that have arisen with regard to that extension pronouncement. Some key points covered include: Retirement plan contributions, including IRA’s [...]

2020-03-29T10:20:21-04:00March 25th, 2020|Categories: Covid-19|

Families First Coronavirus Response Act (FFCRA) Guidance

As you may have seen by now, the President signed into law on March 18th, 2020 the Families First Coronavirus Response Act (the “Act”). This law, H.R. 6201 https://www.congress.gov/bill/116th-congress/house-bill/6201/text, contains a number of provisions aimed at providing quick relief to Americans impacted by COVID-19/Coronavirus (“COVID-19”). The provisions of the Act are required to take effect [...]

2020-03-29T10:20:36-04:00March 24th, 2020|Categories: Covid-19|

U.S. SMALL BUSINESS ADMINISTRATION FACT SHEET – ECONOMIC INJURY DISASTER LOANS

GEORGIA Declaration 16347 (Disaster GA-00116) Incident: CORONAVIRUS (COVID-19) occurring: January 31, 2020 & continuing All counties within the State of Georgia; the contiguous Alabama counties of: Barbour, Chambers, Cherokee, Cleburne, Dekalb, Henry, Houston, Jackson, Lee, Randolph and Russell; the contiguous Florida counties of: Baker, Columbia, Gadsden, Hamilton, Jackson, Jefferson, Leon, Madison, and Nassau; the contiguous [...]

2020-03-24T14:07:14-04:00March 23rd, 2020|Categories: Covid-19|

COVID19/Coronavirus SBA Loan and Tax Extension Update

Dear Clients and Friends: For businesses based in Georgia and certain surrounding counties that are seeking emergency SBA loan assistance please see the information sheet published by the SBA found here. We would also like to make you aware that today Treasury Secretary Mnuchin announced an automatic extension until July 15, 2020 for “all taxpayers [...]

2020-03-24T14:08:09-04:00March 23rd, 2020|Categories: Covid-19|