May 19, 2020

    SBA Releases Application for PPP Loan Forgiveness

    On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. Click here to view the loan forgiveness application and instructions in full.   The […]

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    May 18, 2020

    New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers

    On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible.   Let’s back […]

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    May 14, 2020

    SBA releases PPP FAQ #47 Extending Deadline to May 18, 2020

    On May 14, the Small Business Administration (SBA) added FAQ #47, where the SBA is extending the repayment date to May 18, 2020 for safe harbor consideration. SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full will be deemed […]

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    May 14, 2020

    New SBA Guidance Regarding Paycheck Protection Program

    On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). Specifically, FAQ #46 addresses the following question: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?”   One of the requirements when submitting a PPP loan application is a self-certification by the […]

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    May 02, 2020

    IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds

    On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid via a forgiven Paycheck Protection Program (PPP) loan. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small […]

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    May 02, 2020

    St. Louis County Offering $15,000 Grants to Small Businesses

    St. Louis County Executive Sam Page unveiled the Small Business Relief (“SBR”) Program on Friday May 1st.  The SBR will provide grants of up to $15,000 to businesses that were closed due to the Stay at Home Order.  The funding comes from the $173.5 million in federal aid the County expects to receive with regard […]

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    Apr 30, 2020

    Recent Updates to the SBA FAQs on the Paycheck Protection Program

    The SBA continues to add questions to its Payroll Protection Program FAQ first published on April 3, 2020. On April 23, 2020, the SBA added FAQ 31 referring to large companies who may have adequate sources of liquidity to support the business’s ongoing operations and whether or not they qualify for a PPP loan. Although […]

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    Apr 24, 2020

    President Enacts $484 Billion Virus Aid Bill

    On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: Approximately $310 billion or […]

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    Apr 02, 2020

    CARES Act FAQ: Paycheck Protection Program

      On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a $349 billion paycheck protection program (PPP) that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP uses the already-existing small-business loan framework of the Small […]

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    Mar 31, 2020

    CARES Act Summary Coronavirus Relief: Phase Three

    On March 27, 2020, President Donald J. Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damage caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc created by COVID-19. The bill […]

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    Mar 24, 2020

    Missouri COVID-19 Updates

    To our valued clients and friends, As the national, state, and local response to COVID-19 continues to develop, we wanted to share the following new developments with you. Missouri Governor Mike Parson has announced that Missouri will be mirroring the 3 month tax filing and payment extension previously announced by the IRS (IR-2020-58); Missourians will […]

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    Mar 23, 2020

    Federal Tax Day Extended

    To our valued clients and friends,  We are facing a time of constant flux and challenges. The following are a few recent developments: US Treasury Secretary Mnuchin has announced an additional 3 months for businesses and individual taxpayers to file and pay their taxes. The deadline is now July 15, 2020. At this point, there has not […]

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    Mar 23, 2020

    Covid-19 Office Update

    To our valued clients and friends, With the uncertainty surrounding COVID-19, we want to assure our clients and associates that we are committed to their health and to the safety of our community. The outbreak is testing us personally and the timing is challenging our firm professionally. Please know that your team at Abeles and […]

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    Mar 23, 2020

    Covid-19 Update

    At Abeles and Hoffman, P.C. we are keenly aware of the potential impact of the coronavirus (COVID-19). We are taking steps to provide for the continuity of our services as well as the safety of our employees and clients as we navigate through the uncertainty of the situation. We are staying up to date on […]

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