New York Issues Notice Regarding June Estimated Tax Payments
On the evening of June 11, 2020, the New York State Department of Taxation and Finance (“Tax Department”) unexpectedly issued Notice N-20-8, Announcement Regarding June Estimated Tax Payments, indicating that the due date for estimated tax payments due on June 15, 2020, for personal income, fiduciary and corporate taxpayers remains in place. Taxpayers should now […]
SBA Issues New Rule Changing PPP Provisions to Reconcile with Flexibility Act
On June 11, 2020, the U.S. Small Business Administration (“SBA”) posted a seventeenth Interim Final Rule on Revisions to the First Interim Final Rule. This Interim Final Rule revises SBA’s interim final rule posted on April 2, 2020, by changing key provisions of the Paycheck Protection Program (“PPP”), such as loan maturity, deferral of loan payments and […]
SBA Issues New Rule on PPP Eligibility of Telephone Cooperatives
On June 5, 2020, the U.S. Small Business Administration (“SBA”) posted a sixteenth Interim Final Rule on Eligibility of Certain Telephone Cooperatives. This Interim Final Rule supplements the previously posted interim final rules by addressing the eligibility of mutual or cooperative telephone companies that are described in section 501(c)(12) of the Internal Revenue Code (telephone […]
President Signs PPP Flexibility Act into Law
UPDATE On Monday, June 8, 2020, Treasury Secretary Steven T. Mnuchin and Small Business Administration (“SBA”) Administrator Jovita Carranza issued a statement following the enactment of the Paycheck Protection Program Flexibility Act. The statement indicated that SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified […]
Senate Passes Paycheck Protection Program Flexibility Act #2
UPDATES On Monday, June 8, 2020, Treasury Secretary Steven T. Mnuchin and Small Business Administration (“SBA”) Administrator Jovita Carranza issued a statement following the enactment of the Paycheck Protection Program Flexibility Act. The statement indicated that SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified […]
Senate Passes Paycheck Protection Program Flexibility Act
UPDATES On Monday, June 8, 2020, Treasury Secretary Steven T. Mnuchin and Small Business Administration (“SBA”) Administrator Jovita Carranza issued a statement following the enactment of the Paycheck Protection Program Flexibility Act. The statement indicated that SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified […]
House Passes Paycheck Protection Program Flexibility Act
UPDATES On Monday, June 8, 2020, Treasury Secretary Steven T. Mnuchin and Small Business Administration (“SBA”) Administrator Jovita Carranza issued a statement following the enactment of the Paycheck Protection Program Flexibility Act. The statement indicated that SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified […]
House Passes Paycheck Protection Program Flexibility Act #2
UPDATES On Monday, June 8, 2020, Treasury Secretary Steven T. Mnuchin and Small Business Administration (“SBA”) Administrator Jovita Carranza issued a statement following the enactment of the Paycheck Protection Program Flexibility Act. The statement indicated that SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified […]
SBA Issues Rule Addressing Second Extension of Limited Safe Harbor
On May 20, 2020, the U.S. Small Business Administration (“SBA”) posted a thirteenth Interim Final Rule on Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting. This Interim Final Rule revises the interim final rule posted on May 8, 2020, by extending the date by which certain […]
SBA Issues New Rule on Loan Review Procedures for Borrowers and Lenders
On May 22, 2020, the U.S. Small Business Administration (“SBA”) posted a fifteenth Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities. This Interim Final Rule supplements the previously posted interim final rules in order to inform borrowers and lenders of SBA’s process for reviewing Paycheck Protection Program (“PPP”) loan […]