Covid-19 Information Hub

The IRS recently announced on its website that eligible employers (generally, those with fewer than 500 employees) may disregard the caution contained on various employment tax returns, including the Form 941, regarding the Paycheck Protection Program (PPP) loans and eligibility for the employee retention credit. As background, the CARES Act […]

Another COVID-19 stimulus package is in the works on Capitol Hill.  On February 5, 2021, the U.S. Senate passed a budget resolution paving the way for a $1.9 trillion COVID-19 relief package.  This vote is one of several procedural steps needed to pass a new stimulus package using the budget […]

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (“CCA”), a $2.3 trillion spending bill that includes $900 billion in stimulus relief.  The Act required the Small Business Administration (“SBA”) to reopen the Paycheck Protection Program (“PPP”). See our previous articles summarizing the CCA and the Regulations adopted […]

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (“CCA”), a $2.3 trillion spending bill that includes $900 billion in stimulus relief.  The Act, among other things, allows borrowers to take a second PPP loan, resolves income tax deduction issues, and expands eligibility to Section 501(c)(6) organizations. For […]

When you are working with your lender to seek forgiveness of your Paycheck Protection Program (“PPP”) Loan, you should keep in mind your appeal rights should the Small Business Administration (“SBA”) make any number of adverse determinations regarding that PPP Loan.  In August 2020, the SBA issued Interim Final Rules […]