Congress Passes PPP Loan Forgiveness Changes
Click here for a .pdf copy of the alert. Last Night, the U.S. Senate passed the House version of changes to the PPP Loan Program. The Legislation, entitled the “Paycheck Protection Flexibility Act”, is being sent to President Trump who is expected to sign it. The key provisions are as […]
New PPP Loan Safe Harbor Guidance
Click here to view a .pdf copy of the alert. Given the questions concerning the factual underpinnings for the certification that each PPP Loan Applicant made that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant”, the SBA issued additional guidance on May 13, […]
IRS Declares that Expenses Paid with PPP Loan Proceeds Are Not Deductible
Click here for a .pdf copy of the alert. The U.S. Internal Revenue Service issued Notice 2020-32 on April 30, 2020. This Notice states that no deduction is allowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of the PPP Loan. Consequently, if you […]
Managing a Safe Return to the Workplace
Click here to view a .pdf version of the alert. As stay-at-home orders begin to ease, planning is needed to ensure that your workplace is safe and productive. Bringing back your furloughed employees: As employers call their employees back to work, many employees will welcome the return the normalcy, while some […]
Paycheck Protection Loan Program Receives Additional Funding from Congress
Click here to view a .pdf version of the alert. Congress has approved an additional $320 Billion for the PPP loan program with $60 Billion set aside solely for smaller lending institutions, particularly community-based lenders. More than 1.6 Million PPP loans totaling almost $350 Billion were approved by SBA before the […]
