In May, the IRS issued Notice 2020-32, providing that a taxpayer that receives a loan through the Paycheck Protection Program (“PPP”) is not permitted to deduct expenses that are normally deductible under the Code to the...more
RECENT DEVELOPMENTS -
October 20, 2020: Vermont’s Governor Phil Scott announced a new round of economic recovery grants for Vermont businesses, to be administered by the Vermont Agency of Commerce and Community...more
RECENT DEVELOPMENTS -
October, 2, 2020: On Friday, October 2, the SBA issued a procedural notice regarding PPP Loans and Changes of Ownership. The Notice provides some level of clarity for SBA Employees and PPP lenders as...more
RECENT DEVELOPMENTS -
September 25, 2020: Previous guidance regarding the Vermont Coronavirus Emergency Economic Recovery Grants issued by the Vermont Department of Taxes or the Vermont Agency of Commerce and Community...more
Keep your business in the know during the COVID-19 outbreak.
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this...more
While many who have accepted PPP loans now consider the forgiveness aspects and process, be mindful of federal enforcement. To date, the Justice Department has filed 36 PPP fraud cases, charging about 51 defendants....more
8/25/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Statements ,
FBI ,
Fraud ,
IRS ,
Paycheck Protection Program (PPP) ,
SBA
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time. ...more
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time. We will update this site regularly as new...more
The SBA will begin accepting PPP forgiveness applications from lenders on August 10, subject to extension if any new legislative amendments to the forgiveness process are adopted....more
RECENT DEVELOPMENTS -
July 23, 2020: Vermont Governor Phil Scott has issued an order requiring people wear masks in public starting August 1. The order requires anyone over the age of 2 wear a mask (unless the person has a...more
There is a significant likelihood that M&A transactions in the next year may involve PPP loans. Here are several deal components that should be considered in light of PPP....more
A new bill is now pending in the Senate which enhances lender protections and facilitates forgiveness for those PPP borrowers receiving PPP loans of less than $150,000. Proponents of the legislation have explained that the...more
RECENT DEVELOPMENTS -
July 20, 2020: A new bill is now pending in the Senate which enhances lender protections and facilitates forgiveness for those PPP borrowers receiving PPP loans of less than $150,000. Proponents of...more
Because most self-employed individuals do not pay themselves through payroll, the PPP has introduced a concept known as Owner Compensation Replacement (“OCR”) which allows sole proprietors to claim forgiveness amounts to make...more
RECENT DEVELOPMENTS -
July 2, 2020: NH’s quarantine requirement is lifted for New England residents. Today, Governor Sununu announced that effective immediately, New Hampshire has removed the quarantine requirement for New...more
The U.S. Small Business Administration (“SBA”) has just issued a new interim final rule that addresses a number of issues related to the Paycheck Protection Program (“PPP”) created by the Coronavirus Aid, Relief, and Economic...more
When the Paycheck Protection Program (“PPP”) first was launched, the SBA portal was available to small businesses that could evidence loan application amounts based upon documented payrolls. ...more
There is a significant likelihood that M&A transactions in the next year may involve PPP loans. Here are several deal components that should be considered in light of PPP.
...more
On June 16, 2020, the Small Business Administration (“SBA”) released a revised loan forgiveness application for the Paycheck Protection Program (“PPP”), reflecting changes to the PPP made by the Paycheck Protection...more
On June 10, 2020, the Small Business Administration (“SBA”) released Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to First Interim Final Rule....more
6/17/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
SBA Lending Programs
Significantly, the statement confirms that partial forgiveness will remain available even if a borrower does not spend at least 60% of its forgiveness amount on payroll costs. ...more
6/9/2020
/ CARES Act ,
Federal Loans ,
Joint Statements ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury
While passage seems certain, nothing about the Paycheck Protection Program (“PPP”), a small business provision of the larger CARES Act, has been certain. There seems to be no Congressional doubt that the PPP’s provisions...more
Earlier today, voting by proxy, the House voted 417-1 to approve legislation known as the Paycheck Protection Program Flexibility Act, giving small business owners greater flexibility to spend their PPP loan proceeds and...more
For businesses that received a loan through the Paycheck Protection Program (PPP), the rules are still being refined, regulations continue to evolve and new guidance continues to be published. Despite the rapidly evolving...more
5/28/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Documentation ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Small Business ,
Small Business Loans ,
Tax Deductions ,
Wage and Hour
While much of the rules duplicate what is found in the PPP loan forgiveness application and instructions, there are some significant new items of guidance. The first of these Interim Final Rules addresses the requirements and...more