Senate Approves Additional Funding Bill for SBA Loan Programs
After days of extensive negotiations, the U.S. Senate voted to approve new legislation on Tuesday, April 21, earmarking an additional $484 billion of new funding for critical COVID-19 relief programs including the Paycheck Protection Program (“PPP”) and other disaster loan and grant programs available through the Small Business Administration (“SBA”). Our analysis below is limited […]
Latest PPP Rule Includes Guidance for Individuals with Self-Employment Income
Visit our COVID-19 Resource Center for information on the latest developments with the Paycheck Protection Program and other relief measures. On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus (“COVID-19”) […]
SBA Rule Clarifies PPP Eligibility for Partners/Partnerships
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus (“COVID-19”) pandemic. The U.S. Small Business Administration (“SBA”) received funding and authority through the Act to modify existing loan programs and […]
SBA Publishes Report on PPP Loan Approvals Through April 16
Earlier today, the U.S Small Business Administration (SBA) issued an updated report on the Paycheck Protection Program, providing information on loan approvals through April 16, 2020. Over 1.6 million loans have been approved, totaling more than $340 billion, since lenders started accepting loan applications on April 3. Almost 5,000 banks, lenders and other financial institutions […]
Tronconi Segarra & Associates Partners Featured on WGRZ Channel 2 News
On Friday April 17, 2020, Tronconi Segarra & Associates partners Tom Mazurek and Chuck Pezzino were featured in the “Virtual Town Hall” segment on WGRZ Channel 2 News at 5:30pm with Michael Wooten. Tom and Chuck answered questions about the Paycheck Protection Program and what small businesses can do to manage resources and money as […]
IRS Extends Additional Tax Deadlines
On April 9, 2020, the U.S. Department of Treasury and the Internal Revenue Service (“IRS”) announced that additional tax deadlines for individuals and businesses have been extended due to the COVID-19 pandemic. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes that are due […]
SBA Affiliation Rules Waived for Faith-Based Organizations
The U.S. Small Business Administration (“SBA”) issued an Interim Final Rule on Affiliation on April 3, 2020, providing guidance on affiliation rules for purposes of determining the number of employees of an applicant to the Paycheck Protection Program (“PPP”). The PPP is a critical component of the CARES Act, offering potentially forgivable loans to eligible […]
SBA Issues New Guidance on Affiliation Rules for Paycheck Protection Program Loans
The U.S. Small Business Administration (“SBA”) issued an Interim Final Rule on Affiliation on April 3, 2020, providing guidance on affiliation rules for purposes of determining the number of employees of an applicant to the Paycheck Protection Program (“PPP”). The PPP is a critical component of the CARES Act, offering potentially forgivable loans to eligible […]
SBA Issues Interim Final Rule for Paycheck Protection Program
The U.S. Small Business Administration (“SBA”) issued an Interim Final Rule on April 2, 2020, providing borrowers and lenders further guidance on the terms and conditions of Paycheck Protection Program (“PPP”) loans available to small businesses as part of the CARES Act. Subsequent to this, the SBA started posting responses to Frequently Asked Questions (“FAQs”) […]
U.S. Treasury Department Issues Guidance on Paycheck Protection Program
Visit our COVID-19 Resource Center for information on the latest developments with the Paycheck Protection Program and other relief measures. Last night, the U.S. Department of the Treasury released new and updated information on the Paycheck Protection Program (“PPP”), which is a significant part of the CARES Act, signed into law by President Trump on […]