The Corporate Transparency Act (CTA) enacted in January 2021 as part of the National Defense Authorization Act establishes new requirements that will mandate the disclosure and reporting to the United States Treasury...more
4/14/2021
/ Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Counterfeiting ,
Federal Register ,
Financial Fraud ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Reporting Requirements ,
Tax Fraud ,
U.S. Treasury
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act is wide-sweeping in its breadth at over 5,500 pages and provides the annual funding for the federal...more
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act, among many other things, expands the employee retention tax credit and includes favorable changes to other...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which is available here. Notice 2020-39 provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19...more
The Federal Reserve Bank of Boston (Reserve Bank) announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program. The changes are...more
The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending...more
On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck...more
For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available...more
Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be...more
On May 26, 2020, New York City Mayor Bill de Blasio signed the City Council’s bill No.1932-A (the Personal Liability Bill). The Personal Liability Bill adds a new section 22-1005 to the administrative code of the City of New...more
On May 22, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury (Treasury), published an interim final rule (the Forgiveness Guidance) to supplement previous Paycheck Protection...more
Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be...more
On May 15, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury (Treasury) released the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Forgiveness...more
5/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
On May 7, 2020, New York State Governor Andrew Cuomo signed Executive Order No. 202.28 (the Executive Order), extending the existing moratorium on evictions and foreclosures for an additional 60 days. The Executive Order also...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
The U.S. Federal Reserve (Federal Reserve) announced revisions to the Main Street Lending Program (Program) to facilitate lending to small and medium-sized businesses by eligible lenders...more
On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32, which provides that no deduction is allowed for expenses paid with loan money forgiven under the Coronavirus Aid, Relief, and Economic Security Act...more
On April 29, 2020, the U.S. Department of Treasury (Treasury) issued an updated FAQ (the Updated Guidance). Notably, Q39 confirms Treasury Secretary Steven Mnuchin’s public statement that the SBA will audit all Paycheck...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
The Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) was passed on April 24, 2020, and provides $484 billion in additional funding. Critically, the Enhancement Act includes additional funding...more