On May 13, 2020, the SBA issued a new interim final rule that allows lenders to increase loan amounts made to partnerships and seasonal employers who had completed the loan application prior to interim rules…
Today, the SBA provided further guidance concerning the good faith certification requirements of the PPP loan. Specifically, it added FAQ #46 which provides the following safe harbor: Any borrower that, together with its affiliates,1 received…
As an acknowledgement of the devastating economic impact of COVID-19, the Massachusetts Office of Economic Empowerment (OEE) is offering a grant to small businesses registered in a Gateway City in Massachusetts. These cities are Attleboro,…
Borrowers now have until May 14th to return their PPP loans. The SBA has provided additional guidance to lenders and borrowers regarding the good faith certification requirements of the loan. This new information has led…
Yet another setback for the Paycheck Protection Program? This morning in our FYI post PPP Loan Borrowers – Be Prepared to Prove Lack of Liquidity As A Basis For Your Loan, we discussed new guidance…
In the wake of the outcry following the release of information on large public companies that had received PPP loans, the SBA has provided additional guidance to lenders and borrowers regarding the good faith certification…
The Employee Retention Credit is a fully refundable tax credit available to all non-governmental eligible employers, regardless of size, who retain and pay qualified wages and compensation (including qualified health plan expenses) to their employees…
The CARES Act creates the Federal Pandemic Unemployment Compensation program (FPUC), which provides an additional $600 per week to individuals who are currently collecting regular unemployment benefits. The CARES Act also aids individuals not covered…
Paycheck Protection Program The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan available to small businesses with fewer than 500 employees (including sole proprietors, independent contractors and self-employed persons). Businesses in the…
As part of the $2 trillion economic relief bill signed into law by President Trump on March 27, 2020, the IRS will be sending payments to millions of Americans. At this time, here’s what we…