On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more
9/3/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
IRS ,
New Guidance ,
Payroll Taxes ,
Presidential Memorandum ,
Social Security Taxes ,
Tax Liability ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour
On Tuesday evening (June 22nd), the Small Business Administration (SBA) and Department of the Treasury released revisions to the interim final rule on forgiveness (issued May 22nd) and the interim final rule on loan review...more
On May 5th, the U.S. Department of the Treasury (Treasury) extended the PPP loan repayment safe harbor from May 7th to May 14th. In FAQ #47 the Treasury just announced it has extended the deadline once again—this time to May...more
The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.”...more
5/13/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline)....more
Shortly after we issued our guidance on the Families First Coronavirus Response Act (H.R. 6201) (the “FFCRA”) last week Friday, the Department of Labor and the Treasury Department jointly issued IRS Bulletin 2020-57 stating...more