PAYCHECK PROTECTION PROGRAM UPDATE: Additional Eligibility Criteria and Requirements for Certain Pledges of Loans The U.S. Small Business Administration (SBA) has released an interim final rule on additional eligibility criteria and requirements for certain pledges of loans under the Paycheck Protection Program (PPP) established by the CARES Act. Some of the highlights include the following: Individuals with self-employment income who file a Form 1040, Schedule C [...]
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Construction in the Age of COVID-19 Pursuant to updated guidance on New York Executive Order 202.6, all “non-essential” construction must safely shut down. Essential construction may proceed, to the extent that it is: for infrastructure, healthcare facilities, homeless shelters, or schools; for affordable housing; necessary to protect the health and safety of occupants of a structure; necessary to continue a project if allowing the project to remain undone would be [...]
COVID-19: Business and Employment Update Main Street Lending Program (MSLP) Eligible Businesses: up to 10,000 employees or up to $2.5 billion in 2019 annual revenues Loans capped at $25 million, with a term of four years that includes an automatic one-year deferral Includes compensation, stock repurchase, and capital distribution restrictions More information is available here: https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a7.pdf NY Executive Order [...]
IMPORTANT UPDATE: SBA Affiliation Rules for PPP Loans The U.S. Small Business Administration (SBA) has released additional guidance regarding certain affiliation rules applicable to the implementation of the Paycheck Protection Program. Please see the links below for details. PPP Interim Final Rule on Affiliation: https://home.treasury.gov/system/files/136/SBA%20IFR%202.pdf PPP Applicable Affiliation Rules: [...]
IRS Issues COVID-19 Related Tax Credit Details and Instructions
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IRS Issues COVID-19 Related Tax Credit Details and Instructions The IRS has issued an overview of COVID-19 related tax credits for small and midsize businesses, the paid sick leave refundable credit, the paid family leave refundable credit, and payment of the sick and family leave credit. The IRS included an extensive FAQ list for these credits, including information on how to claim these credits. For more information, please see: [...]