On November 18, 2020, the U.S. Treasury Department and IRS released further guidelines on the tax treatment of expenses paid with funds from PPP loans. After IRS Notice 2020-32 (released in April 2020) provided that no...more
The Small Business Administration (“SBA”) has quietly rolled out new forms for Borrowers who received PPP loans in excess of $2 million. The SBA issued a notice in the Federal Register seeking approval of Forms 3509 and 3510...more
With the SBA finally releasing forgiveness guidance and an application for Borrowers to apply for forgiveness, many questions remain unanswered about how the SBA intends to evaluate and treat loan forgiveness. The below FAQ...more
The vast majority of Borrower’s under the SBA’s Paycheck Protection Program (the “PPP”) may breathe a little bit easier today, as the SBA has finally issued guidance surrounding the “good faith” certification Borrowers had to...more
The COVID-19 crisis has caused many state Attorney’s General, including the Pennsylvania Attorney General (“PA AG”), to encourage consumers to submit complaints and allegations of price gouging. Rest assured that all such...more
5/4/2020
/ Antitrust Provisions ,
Antitrust Violations ,
Coronavirus/COVID-19 ,
Corruption ,
Goods or Services ,
Manufacturers ,
Medical Supplies ,
Price Gouging ,
Price Inflation ,
Supply Chain ,
Unfair or Deceptive Trade Practices ,
White Collar Crimes
The good news for PPP borrowers is that there is no cancellation of indebtedness taxable income generated by the forgiveness of any of the PPP loan. The not-so-good news is that on April 30, the IRS issued Notice 2020-32,...more
On April 16, 2020, the US Small Business Administration (the “SBA”) announced that the $349 billion allocated to the Paycheck Protection Program (the “PPP”) for COVID-19 crisis loans to certain self-employed individuals and...more
4/22/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Gig Economy ,
Independent Contractors ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On Thursday, April 9th, the Department of Treasury finalized plans to provide several layers of credit in response to the ongoing COVID-19 market disruptions. ...more
4/15/2020
/ CARES Act ,
Conflicts of Interest ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Financing ,
FRB ,
Main Street Lending Programs ,
Municipalities ,
Relief Measures ,
Term Asset-Backed Securities Loan Facility (TALF)
As businesses across the country continue to determine whether to apply for an SBA loan under the “Paycheck Protection Program” (the “PPP”) provided by the Coronavirus Aid, Relief, and Economic Security Act (the “Act”), the...more
4/8/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many businesses are struggling to understand their options under the...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many businesses are struggling to understand their options under the...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With uncertainty looming in all corners of the world due to the continued COVID-19 pandemic, many employers are questioning how they can support the fixed costs of their business, especially in the face of total or partial...more
As the coronavirus spread throughout the US and many businesses closed their doors, Congress passed the Families First Coronavirus Response Act (the “Act”). President Trump signed the Act on Wednesday, March 18. The...more
At McNees we understand that the last few weeks have been anxious ones as our clients and their loved ones navigate the onset of Coronavirus COVID-19 and volatile financial markets. Our first priority is the health and...more