News & Analysis as of

Economic Stimulus Loan Forgiveness

Jackson Lewis P.C.

Paycheck Protection Program: Government Enforcement, Oversight

Jackson Lewis P.C. on

Nearly one year ago, in response to the COVID-19 pandemic and related economic downturn, the Small Business Administration-backed Paycheck Protection Program (PPP) provided loans to help businesses keep their workforce...more

Morrison & Foerster LLP

M&A In 2020 And Trends For 2021

2020 brought the COVID-19 pandemic and other headline-grabbing challenges, along with “the usual” quadrennial questions around the U.S. election. Early in the year, businesses and dealmakers focused on the pandemic and...more

Chambliss, Bahner & Stophel, P.C.

$900 Billion Stimulus Package Provides Critical Tax Guidance and Support for Employers

On December 27, 2020, President Trump signed into law the $900 billion stimulus package passed by Congress on December 21. This package contained some much needed tax guidance and support for many employers across the...more

McGuireWoods LLP

New Budget and Stimulus Package Includes Changes to Paycheck Protection Program

McGuireWoods LLP on

On Dec. 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (HHSB Act). The...more

Pierce Atwood LLP

Congress Passes New and Additional Business, Tax Relief Measures in COVID-19 Stimulus Bill

Pierce Atwood LLP on

On Monday, December 21, Congress enacted a $900 billion stimulus package to support American workers and businesses impacted by COVID-19. This summary provides an overview of the business and tax relief measures contained in...more

Fox Rothschild LLP

Stimulus Package Expands PPP, Simplifies Loan Forgiveness And Adds Disaster Grants

Fox Rothschild LLP on

In its massive new pandemic relief and stimulus package, Congress has significantly modified the Paycheck Protection Program (PPP) to allow for second draws from the program, to simplify the loan forgiveness process, to...more

Bond Schoeneck & King PLLC

Overview of the Stimulus Bill and Aid to Small Businesses

Late Sunday night, Congress came to an agreement on a long-awaited second stimulus package. President Trump is expected to sign the highly anticipated $900 billion stimulus package in the coming days. Out of that total...more

Farrell Fritz, P.C.

The IRS, Forgiven PPP Loans, And Business Deductions: Once Was A Mistake, Twice Is An Inexcusable Decision

Farrell Fritz, P.C. on

It has been more than eight months since the enactment of the CARES Act, yet here we are, with the end of 2020 in sight, and we are still debating whether taxpayers should be allowed to claim a deduction for business expenses...more

Farrell Fritz, P.C.

Forget Congress: The IRS Needs To Reverse Course On The Deduction Of Business Expenses Paid With PPP Loan Proceeds

Farrell Fritz, P.C. on

Round Two- “Painful social lockdowns in Europe and some American states helped blunt the coronavirus. Now, amid a fitful reopening, the pandemic is once again surging.” So begins an article on the front page of last...more

Jackson Lewis P.C.

GOP Stimulus Bill Would Give Some PPP Borrowers A Second Draw And Expand Forgivable Expenditures

Jackson Lewis P.C. on

Senate Republicans have introduced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, a nearly one-trillion-dollar stimulus package comprised of a package of bills that includes the Continuing...more

Harris Beach PLLC

Treasury Issues Interim Guidance for Loan Forgiveness Under Paycheck Protection Program

Harris Beach PLLC on

Loan forgiveness is one of the key features of the government’s economic stimulus response to COVID-19. The U.S. Department of Treasury has now issued interim final rules on qualifying for forgiveness under the Paycheck...more

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