On October 2, 2020, the SBA issued guidance under a procedural notice (the “Notice”) providing information concerning the required procedures for changes of ownership of an entity that has received a Payroll Protection...more
10/8/2020
/ Acquisitions ,
Borrowers ,
Change of Ownership ,
Escrow Accounts ,
Lenders ,
Loan Forgiveness ,
Mergers ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Written Notice
On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold...more
9/1/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Payroll Taxes ,
Popular ,
Social Security Taxes ,
Tax Deferral ,
Tax Liability ,
Wage and Hour ,
Withholding Tax
On May 13, 2020, the SBA revised its frequently asked questions and added question #46 – “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” In order to receive a...more