On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans). The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…
The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021. The application deadline was set to expire on March 31, 2021, but now Read More…
On March 11, 2021, President Biden signed into law the controversial and long-awaited ARPA, 2021 legislation. The legislation will provide a third round of stimulus checks, to qualifying individuals and families, among other tax benefits. To summarize the impact of the legislation, which provides for $1.9 trillion of relief, the following categories will provide benefits Read More…
On Monday December 21, the House and Senate approved $900 billion in relief for individuals and businesses affected by the coronavirus pandemic. President Trump is expected to sign the bill into law on Tuesday December 22nd. Highlights of the new legislation are as follows: A refundable tax credit of $600 for single taxpayers, $1,200 for Read More…
On November 18, 2020, the IRS released Revenue Ruling 2020-27, which outlines the treatment of the loan proceeds that a business expects to be forgiven. Prior to the release of this Revenue Ruling, businesses expected to expense 100% of their business expenses, that were covered by the PPP Loan, on their 2020 tax returns and Read More…
On August 4, 2020, the U.S. Small Business Administration (SBA), in consultation with the Treasury, released frequently asked questions (FAQs), on the Paycheck Protection Program (PPP) related to PPP Loan Forgiveness. The publication is divided into four sections addressing different aspects of the process to determine how much of their loan is forgivable. The following Read More…
On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, and Not-for-Profit Organizations, with relaxed regulations, as part of the CARES Act. On July 17th, the Federal Reserve Board has approved two new loan options, which Read More…
On Friday June 5, 2020, the President signed H.R. 7010, cited as the “Paycheck Protection Program Flexibility Act of 2020” into law. The Paycheck Protection Program (PPP) is part of “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) that was signed into Law on March 27, 2020. The new Flexibility Act provided many Read More…
On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the novel coronavirus (COVID-19). The stimulus is good news for manufacturers, many of whom are struggling given the current economic Read More…
Programs Available Under the CARES Act From Main St. to Wall St., all businesses have been affected by COVID-19 in one way or another. Businesses that were considered to be essential service business were affected by employees being unable to work due to their need to care for their children, who were now home from Read More…
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