The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020, to encourage businesses to keep employees on their payroll during the pandemic....more
5/13/2021
/ American Rescue Plan Act of 2021 ,
American Taxpayer Relief Act ,
Biden Administration ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Retention ,
Employment Tax ,
Paycheck Protection Program (PPP) ,
Social Security Taxes ,
Startups ,
Tax Credits
The Small Business Administration (SBA) published new guidance declaring Chapter 11 debtors with confirmed plans as eligible for Paycheck Protection Program (PPP) loans. The new guidance creates an exception to the SBA’s...more
This week the Small Business Administration (SBA) provided guidance on how the $28.6 billion Restaurant Revitalization Fund will work. The Restaurant Revitalization Fund provides for qualified restaurants and other food...more
4/26/2021
/ Business Closures ,
Business Expenses ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Grants ,
Financial Distress ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Restaurant Industry ,
SBA ,
Small Business
The Shuttered Venue Operators Grant (SVOG) program was created by Section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was enacted on December 27, 2020. The SVOG...more
4/23/2021
/ Business Expenses ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Entertainment Industry ,
Entertainment Venues ,
Federal Grants ,
Film Industry ,
Movie Theaters ,
Museums ,
Music Industry ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Public Venues ,
SBA ,
Talent Management
The Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program, which provides long-term loans directly from the SBA, has been significantly enhanced. Beginning April 6, 2021, qualified companies can...more
The $1.9 trillion stimulus package, known as the American Rescue Package (the “Rescue Package”), enacted on March 11, 2021, established a $28.6 billion Restaurant Revitalization Fund (“Restaurant Fund”) for restaurants and...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Grants ,
Financial Distress ,
Good Faith ,
Paid Sick Leave ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Restaurant Industry ,
SBA ,
SBA Lending Programs
Last year, self-employed individuals who conducted their business without any employees could qualify for a Paycheck Protection Program (PPP) loan in an amount equal to approximately 20.8% (2.5 months divided by 12 months) of...more
3/25/2021
/ Borrowers ,
Consolidated Appropriations Act (CAA) ,
Default ,
Independent Contractors ,
Interim Final Rules (IFR) ,
IRS ,
ITIN ,
NAICS ,
Net Profits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
Self Employed ,
U.S. Treasury
President Biden has announced changes to the Paycheck Protection Program 2.0 (PPP) designed to direct more funding to women-owned and minority-owned businesses as well as low- and moderate-income, rural, and other underserved...more
3/1/2021
/ Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Independent Contractors ,
ITIN ,
Loan Forgiveness ,
Minority-Owned Businesses ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
SBA ,
Self Employed ,
Small Business ,
Taxable Income ,
Women-Owned Businesses
The Consolidated Appropriations Act, comprised of more than 5,500 pages and including a $900 billion stimulus package, became law on December 27, 2020. As part of this law, the Economic Aid to Hard-Hit Small Businesses,...more
1/12/2021
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Economic Aid Act ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Small Business Loans
The window for the Main Street Loan Program (“Main Street Program”), designed to provide loans with favorable terms to midsize companies to help address the economic fallout caused by the pandemic, is closing on December 31,...more
11/23/2020
/ Corporate Counsel ,
EBITDA ,
Federal Reserve ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
SPVs ,
U.S. Treasury
The Small Business Administration (“SBA”) is accepting comments until November 26, 2020 (Thanksgiving) on two proposed loan necessity questionnaires for Paycheck Protection Program (“PPP”) loans in excess of $2 million: SBA...more
11/16/2020
/ Assessment ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt Securities ,
For-Profit Corporations ,
Liquidity ,
Loan Applications ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Safe Harbors ,
SBA ,
Supplemental Information
SEC Proposes to Allow Finders to Receive Transaction-Based Compensation in Certain Limited Circumstances Without Having to Register as a Broker-Dealer-
In an effort to help small and emerging businesses raise capital, the...more
Late last month, Senators Marco Rubio (R-Fla.) and Susan Collins (R-Maine) introduced Senate Bill 4321 (S-4321), titled “Continuing Small Business Recovery and Paycheck Protection Program Act” (Bankruptcy Access Bill), which,...more
Congress is proposing much-needed relief for restaurants devastated by the COVID-19 pandemic. The foodservice industry employs 10% of the U.S. workforce, and forced closures of restaurants have had a ripple effect on farmers,...more
On June 19 and June 22, 2020, the Small Business Administration (“SBA”) issued new revisions to their First Interim Final Rule concerning the Paycheck Protection Program (“PPP”). The Revised Interim Final Rule and the...more
Several recent bankruptcy court decisions reveal that a temporary restraining order prohibiting the Small Business Administration (SBA) from enforcing its rule that a debtor in bankruptcy cannot qualify for a Paycheck...more
The CARES Act established the Paycheck Protection Program (“PPP”) under Section 7(a) of the Small Business Act (Section 7(a)) to provide forgivable loans that are fully guaranteed by the Small Business Administration (“SBA”)...more
Several recent bankruptcy court decisions reveal that a temporary restraining order prohibiting the Small Business Administration (SBA) from enforcing its rule that a debtor in bankruptcy cannot qualify for a Paycheck...more
UPDATE: On June 5, 2020, the Paycheck Protection Program Flexibility Act (H.R. 7010) (the Flexibility Act) was signed into law, and on June 11, 2020, the Small Business Administration (SBA) released a revised interim final...more
On May 27, 2020, the U.S. House of Representatives overwhelmingly approved a bill which if enacted into law would make the Paycheck Protection Program (PPP) more helpful to small businesses, including through an expansion of...more
On May 22, 2020, the U.S. Small Business Administration (“SBA”) released two Interim Final Rules (“IFRs”) providing additional guidance on Payment Protection Program (“PPP”) loan forgiveness rules and the procedure by which...more
The SBA has provided a good faith necessity certification safe harbor for certain PPP borrowers with loans less than $2 million and also has limited PPP funds to $20 million for corporate groups...more
On May 5, 2020, the Small Business Administration (“SBA”) issued a new set of frequently asked questions (“FAQs”) concerning Paycheck Protection Program (“PPP”) loans. The new FAQs add guidance regarding the good faith...more
The federal government has committed $670 billion dollars in forgivable loans to small businesses under the Paycheck Protection Program (“PPP”), which was part of the Coronavirus Aid, Relief, and Economic Stability Act (the...more
Recent bankruptcy court decisions in In re Hidalgo and In re Cosi Inc. indicate that courts are split on whether the U.S. Small Business Administration (SBA) and participating lenders can deny Paycheck Protection Program...more