The IRS has launched a redesigned page at www.IRS.gov/closingabiz to help business owners navigate the federal steps when closing a business. During...
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COVID-19: Banks Share Preparedness Updates for PPP Loan Forgiveness
Banks have started to announce their plans for accepting PPP Forgiveness requests in the coming weeks and, in preparation, have laid out a series of...
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Bankruptcy Reorganization Act Opens Up New Opportunities for Small Businesses
In February 2020, Congress enacted the Small Business Reorganization Act of 2019, creating a new subchapter (Subchapter V) of Chapter 11 of...
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COVID-19: SBA Releases New PPP Loan Forgiveness FAQs
The Small Business Administration, in conjunction with the U.S. Treasury Department, has published a list of FAQs on its website to provide guidance...
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COVID-19: President Trump extends PPP loan application deadline
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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