M&A Due Diligence in the Era of Covid-19: PPP Loans Considerations
The Covid-19 pandemic has disrupted most economic sectors worldwide prompting governments to enact emergency stimulus measures to help businesses navigate the situation.
PPP Update: New Guidance That Will Change 2020 Taxable Liabilities
The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.
SBA Publishes Loan Necessity Questionnaire for PPP Borrowers
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA. (authored by RSM US LLP)
Congress Approves Extension to Apply for PPP Funds
On Wednesday, July 1, the House passed Senate Bill S.4416 by unanimous consent. The bill, which extends the timeline to apply for PPP funds through August 8, 2020, is headed to the President’s desk for signature.
Expanded Relief to Plan Participants for Coronavirus-Related Distributions
On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
New Guidance on When to Apply for PPP Loan Forgiveness, Owner-Employees, and Excepted Employees
New guidance released on June 22, 2020, provides businesses with information on when they are able to apply for loan forgiveness, caps on employee-owner compensation, and some clarification on excepted employees in FTE calculations.
New PPP Loan Forgiveness Applications Released
On Tuesday, June 16th, Treasury and the SBA released updated PPP loan forgiveness applications, including an alternative EZ application that is designed to simplify the process for those who meet certain criteria.
PPP Flexibility Act Payroll Guidance
The SBA recently released guidance on two major issues in the PPP Flexibility Act. The first addresses the PPP Flexibility Act's adoption of a 24-week covered period, in lieu of an 8-week covered period, regarding payroll.
PPP Flexibility Act Signed Into Law
On June, 5, 2020, President Trump signed the PPP Flexibility Act of 2020 into law. Learn the major changes and what it may mean for your business.
Didn’t Receive a PPP Loan? Employee Retention Credit and Other CARES Benefits Available
If your business didn’t qualify for or secure a PPP loan, there are several other tax benefits provided by the CARES Act. Here we’re going to take a closer look at some of the most advantageous programs available.