Covid-19 Information Hub

Last Friday, we published an article summarizing Revenue Ruling 2020-27, which prevented taxpayers from taking a deduction for expenses paid using Paycheck Protection Program (“PPP”) funds in the year incurred if, “at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness of the covered loan on […]

Borrowers of Paycheck Protection Program (“PPP”) loans, which are guaranteed by the Small Business Administration (“SBA”), have reached the end of their covered periods, and many are in the process of seeking forgiveness of their PPP loans.  Unfortunately, questions remained about the federal income tax consequences of potential loan forgiveness […]

Just this weekend, the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”) issued guidance to help employers understand which standards the agency most frequently cites during coronavirus-related inspections in industries such as hospitals and healthcare, nursing homes and long-term care facilities, and meat/poultry processing plants. The following are […]

On October 26, 2020, the Small Business Administration (“SBA”) released a notice seeking approval from the Office of Management and Budget for certain information collection related to its Paycheck Protection Program (“PPP”). While the notice did not provide much detail, it mentioned the addition of two forms: Form 3509—Loan Necessity […]

The Federal income tax consequences related to Paycheck Protection Program (“PPP”) loans guaranteed by the Small Business Administration (“SBA”) continue to be an important, yet somewhat uncertain, consideration for all borrowers. Under regular Federal income tax principles, the forgiveness of a loan generally results in a business realizing cancellation of […]