SBA Issues New Rule on Loan Forgiveness
On May 22, 2020, the U.S. Small Business Administration (“SBA”) posted a fourteenth Interim Final Rule on Loan Forgiveness. This Interim Final Rule supplements previously posted interim final rules in order to help PPP borrowers prepare and submit loan forgiveness applications, help PPP lenders who will be making the loan forgiveness decisions, and inform borrowers […]
SBA Issues New Rule on Treatment of Entities with Foreign Affiliates
On May 18, 2020, the U.S. Small Business Administration (“SBA”) posted a twelfth Interim Final Rule on Treatment of Entities with Foreign Affiliates. This Interim Final Rule supplements the previously posted interim final rules by providing guidance on additional Paycheck Protection Program (“PPP”) eligibility requirements related to entities with foreign affiliates. This Interim Final Rule […]
SBA Releases PPP Loan Forgiveness Application
On Friday, May 15, 2020, the U.S. Small Business Administration (“SBA”) in consultation with the Department of Treasury, released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application (“application”) and detailed instructions. The application can be found on SBA’s website as well as on the Department of Treasury’s website. To apply for forgiveness of your PPP […]
SBA Issues New Rule on PPP Eligibility of Electric Cooperatives
On May 14, 2020, the U.S. Small Business Administration (“SBA”) posted an eleventh Interim Final Rule on Eligibility of Certain Electric Cooperatives. This Interim Final Rule supplements the previously posted interim final rules by providing guidance on additional Paycheck Protection Program (“PPP”) eligibility requirements for certain electric cooperatives. The immediate effective date of this Interim […]
SBA Issues New Rule on Loan Increases
On May 13, 2020, the U.S. Small Business Administration (“SBA”) posted a tenth Interim Final Rule on Loan Increases. This Interim Final Rule supplements the previously posted interim final rules by providing guidance on the ability to increase certain Paycheck Protection Program (“PPP”) loans for partnerships and seasonal employers due to additional guidance issued by […]
SBA Issues FAQ on “Good-Faith Certification” for PPP Loans Over $2 Million
Visit our COVID-19 Resource Center for information on the latest developments with the Paycheck Protection Program and other relief measures. The U.S. Small Business Administration (“SBA”) updated their Frequently Asked Questions earlier today with a new FAQ (#46) regarding how the Administration intends to review a borrower’s “good-faith certification” concerning the necessity of their Paycheck […]
SBA Publishes New Report on PPP Loan Approvals from April 27 to May 8
The U.S Small Business Administration (“SBA”) issued an updated Paycheck Protection Program (“PPP”) report, providing information on the second round of PPP loan approvals from April 27, 2020 through May 8, 2020. Over 2.5 million loans have been approved, totaling almost $189 billion, since lenders resumed accepting loan applications on April 27, 2020. Over 5,400 […]
Other CARES Act Tax Provisions
The following tax changes that were passed as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act can provide additional relief for businesses facing economic hardship as the result of the coronavirus (COVID-19) pandemic: Charitable Contributions The CARES Act lifts the adjusted gross income (“AGI”) limit for corporate donors for the tax year […]
Modifications for Net Operating Losses
Carrying on our tradition of providing you with Solutions Beyond the Obvious, we are pleased to bring you our “Ask the Experts” series of articles. In these articles, our Tronconi Segarra & Associates tax experts identify and explain the significant tax changes that were passed as part of the Coronavirus Aid, Relief and Economic Security […]
Modification of Limitation of Losses for Non-Corporate Taxpayers
Carrying on our tradition of providing you with Solutions Beyond the Obvious, we are pleased to bring you our “Ask the Experts” series of articles. In these articles, our Tronconi Segarra & Associates tax experts identify and explain the significant tax changes that were passed as part of the Coronavirus Aid, Relief and Economic Security […]