News & Analysis as of

Payroll Taxes SBA Lending Programs

Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that... more +
Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that are withheld by an employer from an employee's wages and 2) taxes paid by an employer based on the amount of an employee's wages. These taxes may be advanced income tax payments on behalf of an employee. They are also employer and employee payments to a variety of government programs, such as social security, and unemployment/disability insurance. less -
Orrick, Herrington & Sutcliffe LLP

SBA clarifies PPP eligibility of payroll costs

On June 13, the SBA added question #72 to its Paycheck Protection Program (PPP) Frequently Asked Questions clarifying whether “the amounts paid by a borrower to a third-party payer for the third-party payer’s employees to...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Burr & Forman

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on

The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more

Bodman

New COVID Relief Bill – Paycheck Protection Program (Round 2)

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As a result of recently passed stimulus legislation called the Economic Aid Act, additional funding has been made available under the Paycheck Protection Program (“PPP”) for both first and second-time borrowers. ...more

Sands Anderson PC

Federal Stimulus and COVID-19 Relief

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On December 21, 2020 Congress passed an annual spending bill containing $900 billion in COVID-19 pandemic relief and stimulus measures.  President Trump signed this bill into law on December 27, 2020.  In addition to...more

Lowndes

IRS Doubles Down on Non-Deductibility of Expenses Paid with Forgivable PPP Loan Proceeds

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Back in May, I reported on the IRS’s issuance of Notice 2020-32, in which the IRS answered with a resounding "no" the question of whether businesses that used Paycheck Protection Program (“PPP”) loan proceeds to pay...more

Greenbaum, Rowe, Smith & Davis LLP

Paycheck Protection Program Update: SBA Issues New FAQs on PPP Loan Forgiveness

In its continuing effort to provide guidance on the Paycheck Protection Program, the Small Business Administration (SBA) released new Frequently Asked Questions (FAQs) specifically targeted to the Loan Forgiveness process on...more

Lowenstein Sandler LLP

Paycheck Protection Program (PPP) Information Sheet: Nonprofit Borrowers

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The following information has been adapted from the Small Business Administration’s (SBA) Paycheck Protection Program Borrower Information Fact Sheet to provide information tailored for nonprofits. This document is for...more

Lewitt Hackman

Update re Major Changes to Loan Forgiveness Rules Under the Paycheck Protection Program

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On March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which is an approximately $2 trillion stimulus and economic relief package. ...more

Rumberger | Kirk

CARES Act Update: Paycheck Protection Program Flexibility Act Provides Additional Relief for Small Businesses

Rumberger | Kirk on

Congress passed new legislation to extend and relax the loan forgiveness requirements of the Paycheck Protection Program (“PPP”), the federal aid program established by the CARES Act for small businesses affected by the...more

Pierce Atwood LLP

COVID-19: SBA Updates PPP Rule to Implement New Flexibility Provisions

Pierce Atwood LLP on

On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more

Neal, Gerber & Eisenberg LLP

Paycheck Protection Program Flexibility Act and Other Updates to the Paycheck Protection Program

On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”).  The PPPFA amends the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more

FordHarrison

Payroll Protection Program Update : Documenting Compliance with Agency Requirements and Guidance to Qualify for the Business...

FordHarrison on

The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provide short term loans to companies with fewer than 500 employees and other companies (such as those in the...more

Schwabe, Williamson & Wyatt PC

Latest PPPFA Statement Offers Some Clarity

On June 8, 2020, the SBA Administrator and the Secretary of the Treasury issued a joint statement regarding changes effected by the recently-enacted Paycheck Protection Program Flexibility Act (PPPFA). In that statement, they...more

Foodman CPAs & Advisors

PPP Loan Borrowers will need Assistance when Applying for Forgiveness of their PPP Loans

On 4/15/20, the SBA and the U.S. Department of the Treasury released an application form for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. ...more

Nossaman LLP

PPP and Loan Forgiveness: Latest Guidance and Changes Under the PPP Flexibility Act

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Since the Paycheck Protection Program (“PPP”) was implemented under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), borrowers have sought clarity from the Small Business Administration (“SBA”) about the...more

Nossaman LLP

Will Your PPP Loan Be Reviewed by the SBA? - The Latest Guidance

Nossaman LLP on

Since its implementation under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), there has been a lot of attention on the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). Both...more

McNees Wallace & Nurick LLC

New Legislation Eases “PPP” Loan Forgiveness Restrictions

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). As the name suggests, the Flexibility Act provides PPP loan borrowers (“Borrowers”) with...more

Cozen O'Connor

Additional Clarification of Paycheck Protection Program Changes

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The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which became law on June 5, made significant changes in the Paycheck Protection Program (PPP)....more

Rosenberg Martin Greenberg LLP

Paycheck Protection Program Loans – Loan Forgiveness Made Easier

On Friday, June 5, the President signed into law the Paycheck Protection Program Flexibility Act (the “Act”).  Originally enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March...more

Morgan Lewis - ML Benefits

Employers May Continue to Defer Payroll Taxes Even After Paycheck Protection Loan Forgiveness

US President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020 (the Act) on June 5, modifying certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). ...more

Franczek P.C.

Paycheck Protection Program Flexibility Act Provides PPP Loan Recipients Much Needed Relief

Franczek P.C. on

The Paycheck Protection Program (PPP) represented a lifeline to many businesses struggling to stay afloat amid the Coronavirus pandemic by providing forgivable loans to businesses to cover payroll and certain non-payroll...more

Stinson LLP

New Law Makes Major Changes to the Paycheck Protection Program

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The Paycheck Protection Program Flexibility Act of 2020, H.R. 7010 (PPPFA) recently passed by Congress and signed by the president on June 5, 2020 makes significant changes to the Paycheck Protection Program (PPP) in an...more

Downs Rachlin Martin PLLC

Flexibility Act Guidance and Modified PPP Applications to Retain Partial Forgiveness

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

Troutman Pepper

President Signs Legislation With Substantial Changes To PPP Loan Forgiveness Into Law

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Lingering questions pertaining to loan forgiveness, a key feature under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act (the CARES...more

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