SBA Issues Guidance on PPP Loans and Changes of Ownership
On October 2, 2020, the U.S. Small Business Administration (“SBA”) issued Procedural Notice No. 5000-20057 to provide information concerning the required procedures related to changes of ownership of an entity that has received Paycheck Protection Program (“PPP”) funds. This is one of a number of Procedural Notices issued by SBA to provide additional guidance to […]
IRS Issues Guidance on Payroll Tax Deferral
On August 28, 2020, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax for the period September 1, 2020, thru December 31, 2020, if the employee’s wages are […]
SBA Issues New Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs
On August 24, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-fourth Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. This Interim Final Rule supplements previously posted interim final rules for the Paycheck Protection Program (“PPP”) by providing additional guidance concerning the ownership percentage that triggers the applicability of […]
New Interim Final Rule Outlines Process for Appealing SBA Loan Review Decisions
On August 11, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-third Interim Final Rule on Appeals of SBA Loan Review Decisions Under the Paycheck Protection Program. This Interim Final Rule supplements the interim final rule on Loan Review Procedures and Related Borrower and Lender Responsibilities posted on SBA’s website on May 22, 2020, […]
President Issues Executive Orders as Negotiations Over Relief Legislation Stall
On Saturday, August 8, 2020, President Trump signed four executive orders extending Coronavirus (COVID-19) pandemic relief provisions to millions of Americans, following the breakdown of negotiations between the White House and Democratic leaders over the next round of pandemic relief legislation on Friday. The four executive actions relate to payroll taxes, student loans, evictions and […]
SBA Issues New FAQs on PPP Loan Forgiveness
Updated on August 11, 2020 On August 4, 2020, the U.S. Small Business Administration (“SBA”), in consultation with the Department of the Treasury (“Treasury”), released new guidance in the form of Frequently Asked Questions (“FAQ”s) to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (“PPP”) loans, as provided for under Section 1106 […]
New! Summer Small Business Newsletter
Click here to view a PDF of our new Summar 2020 Small Business Newsletter. We have focused this newsletter on COVID-19 relief programs and summarized all of the resources available to our clients and other businesses through the Tronconi Segarra & Associates’ COVID-19 Resource Center on our website. If you have any questions about COVID-19 […]
SBA Issues New Rule on Payroll Costs for Fishing Boat Owners
On June 25, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-second Interim Final Rule on on Certain Eligible Payroll Costs. This Interim Final Rule addresses payroll costs that may be included on a Paycheck Protection Program (“PPP”) loan application submitted by certain boat owners or operators that are engaged in catching fish or […]
SBA Will Release Borrower Data Regarding PPP Loans
On June 19, 2020, the United States Small Business Administration (“SBA”) and the Department of the Treasury issued a Press Release indicating that they have agreed with the bipartisan leaders of the U.S. Senate Small Business Committee to publicly disclose additional borrower data related to Paycheck Protection Program (“PPP”) loans, in order to “ensure that […]
SBA Issues Two Rules Revising PPP Eligibility Related to Felony Convictions
The U.S. Small Business Administration (“SBA”) posted two new interim final rules in June, modifying certain Paycheck Protection Program (“PPP”) eligibility requirements related to applicants with criminal histories. These revisions specifically loosen restrictions on PPP loan eligibility requirements for owners with 20% or more ownership equity, who had previously been convicted of a felony within […]