On Monday, December 21, Congress enacted a $900 billion stimulus package to support American workers and businesses impacted by COVID-19. This summary provides an overview of the business and tax relief measures contained in...more
In new guidance, the IRS clarified that a taxpayer that received a Paycheck Protection Program (PPP) loan may not deduct expenses if, at the end of the tax year, the taxpayer reasonably expects the PPP loan to be forgiven,...more
The Federal Reserve’s Main Street Lending Program opened for lender registration June 15, 2020, enabling qualifying lenders to begin accepting applications for the much-anticipated program....more
On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more
Businesses impacted by the COVID-19 pandemic have been eagerly anticipating this important loan program, which according the Federal Reserve Bank of Boston, is now scheduled to launch within “days,” not “weeks.”...more
On Wednesday, June 3, 2020 the U.S. Senate passed House bill 7010, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill, which would provide greater flexibility to PPP loan recipients, is next headed to the...more
On Thursday, May 28, 2020, the U.S. House of Representatives passed H.R. 7010, a bill that would provide businesses greater flexibility in how they spend Paycheck Protection Program (PPP) loan proceeds while still allowing...more
The Small Business Administration (SBA) recently released two interim final rules to accompany the new Paycheck Protection Program (PPP) Loan Forgiveness Application. ...more
The ability to have a Paycheck Protection Program (PPP) loan forgiven is perhaps the most important part of the program—turning a low-interest loan into a grant. ...more
On May 13, 2020, the Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs) to provide important safe harbors on the Paycheck Protection Program’s (PPP) requirement that a borrower make a good faith...more
Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more
***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more
5/1/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Criminal Liability ,
Eligibility Determination ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury ,
Small Business ,
U.S. Treasury
On Friday, April 24, 2020, President Trump signed another emergency relief package (CARES Act II) totaling close to $500 billion, the bulk of which will go toward replenishing the Paycheck Protection Program (PPP). ...more
4/25/2020
/ Agribusiness ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On April 14, 2020, the Small Business Administration (SBA) issued a Second Interim Final Rule, providing guidance for individuals with self-employment income who file a Form 1040, Schedule C. ...more
4/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Gig Economy ,
Independent Contractors ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Self Employed ,
Small Business
The Small Business Administration (SBA) and U.S. Treasury have once again updated their Frequently Asked Questions (FAQs), revising their April 6 guidance for borrowers and lenders. The SBA has made it clear that the U.S....more
INTRODUCTION -
If your business did not meet the size limitations of the Paycheck Protection Program (PPP) there are facilities being developed for larger businesses (although they are also available for firms with PPP...more
Rules and provisions for COVID-19 stimulus packages are rapidly evolving, and the measures and interpretations described here may change. This analysis represents our best interpretation and recommendations based on where...more
4/10/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
On Thursday, April 2, 2020, the U.S. Small Business Administration (SBA) issued its Interim Final Rule to the Paycheck Protection Program (PPP). The final rules provide, in part, that entities eligible to apply for PPP loans...more
4/6/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
NAICS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
States Covered: Maine, Massachusetts, New Hampshire, and Rhode Island -
FEDERAL PROGRAMS -
In response to the unprecedented disruption caused by the COVID-19 pandemic and public health efforts to fight the virus, federal...more
4/5/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
This is a guide intended to assist small, middle market and larger businesses in navigating the landscape of federal financing programs. ...more
4/5/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
On April 2, 2020, the Small Business Administration (SBA) issued the much-anticipated Paycheck Protection Program Interim Final Rule, providing guidance on the implementation of the Paycheck Protection Program (PPP) and on...more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Federal Reserve Bank (FRB) is taking unprecedented steps to aid businesses during the disruption caused by the COVID-19 pandemic. The proposed “Main Street Business Lending Program” is intended to provide relief to what...more
On March 25, 2020, U.S. Senate negotiators and the Trump Administration reached agreement on the CARES Act, a $2 trillion stimulus package that would be the third phase of the federal government's response to the COVID-19...more
3/26/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Fishing Industry ,
Proposed Legislation ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Small Business Administration (SBA) provides low-interest long-term loans to small businesses in the event of a disaster. Since the COVID-19 pandemic has been declared a disaster, small businesses are now able to access,...more
We recently published a Business Alert regarding the SEC’s adoption of the final rule to lift the ban on general solicitation and advertising in Rule 506 offerings to accredited investors....more