In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service provided special tax filing and payment relief to individuals and businesses. The Massachusetts Department of Revenue later followed suit. In short,…
The PPPFA was signed into law by President Trump on June 5, 2020. The new law eases PPP loan requirements so that borrowers are better able to achieve full loan forgiveness. Following is a brief…
The U.S. Senate has passed by unanimous consent legislation introduced as the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. The bill which among other things extends the window for businesses to spend the…
Yesterday, U.S. House lawmakers approved the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. If passed by the Senate and enacted as is, this legislation would do the following: Extend the PPP loan application…
The SBA has issued the application form that borrowers are required to submit when seeking PPP Loan forgiveness. It is important to note that borrowers may not file the loan forgiveness application until at least…
Once again, the SBA has moved the safe harbor extension deadline for the return of PPP loans. Borrowers now have until May 18, 2020 to return the funds should they determine they are unable to…
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…