On July 4, 2020, President Trump signed a bill (S.4116) into law that extends the PPP loan application deadline from June 30 to August 8, 2020. The...
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COVID-19: President Trump Signs PPP Flexibility Act
On 6/5/20, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (H.R. 7010), which modifies provisions related to...
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COVID-19: NY State Senate bill would treat income earned working from home outside NY as exempt
New York Senate bill S.8386, introduced on May 21, 2020, would provide relief to businesses whose employees are working from home outside of New York...
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COVID-19: New Guidance Issued for Paycheck Protection Program Loan Forgiveness
Any business that received a loan under the Paycheck Protection Program (PPP) has been awaiting guidance on the loan forgiveness process. On May 15...
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COVID-19: Guidance issued to disallow tax deduction for expenses paid using proceeds from Paycheck Protection Program
In Notice 2020-32, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both (1) the payment of the...
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COVID-19: Federal Reserve expands reach of ‘Main Street’ emergency lending programs for midsized businesses
Federal Reserve adds third loan facility, increasing size of firms that can participate and reducing minimum loan size to $500,000; 'evaluating...
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COVID 19: Update on Economic Injury Disaster Loan Advance
On Monday, April 13, 2020, the U.S. Small Business Administration (SBA) released an update on the CARES Act, which allows small businesses (500...
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COVID-19: Paycheck Protection Program Information
The U.S. Department of the Treasury has released the details of the Paycheck Protection Program (“PPP”), which prioritizes millions of Americans...
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COVID-19: Coronavirus stimulus actions impacting business owners and individuals
IRS extends filing deadline and federal tax payments regardless of amount owed The Treasury Department and Internal Revenue Service announced on...
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COVID-19: Treasury Extends April 15 Tax Payment Deadline
The Treasury Department has announced a plan to extend the April 15 tax deadline, providing an additional 90 days to pay taxes owed for individuals...
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