Sep 01, 2020

    IRS Issues Guidance Regarding Payroll Tax Deferral

    On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65 (click here to read), which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of certain payroll taxes released earlier this month. The memorandum, which was released by President Trump on August 8th (click here to read), called for the […]

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    Jun 25, 2020

    SBA Revises Interim Final Rules for Loan Forgiveness and Loan Review Procedures

    On June 22, 2020, the Small Business Administration (SBA) released additional revisions to existing interim final rules related to the Paycheck Protection Program (PPP) (click here to read). This most recent interim final rule is one of several rulings issued to date in response to the recently enacted Paycheck Protection Program Flexibility Act (PPPFA). The […]

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    Jun 22, 2020

    SBA Revises PPP Loan Forgiveness Application

    Last week, the Small Business Administration (SBA) revised the existing forms and instructions to be used by borrowers to request forgiveness under the Paycheck Protection Program (PPP). Additionally, the SBA released a new “EZ” application available to certain borrowers. The updated PPP loan forgiveness application reflects changes to the PPP made by the recently enacted […]

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    Jun 18, 2020

    SBA Revises Third and Sixth Interim Final Rules

    SBA Revises Third and Sixth Interim Final Rules   On June 16, 2020, the Small Business Administration (SBA) released revisions to its third and sixth interim final rules on the Paycheck Protection Program (PPP) (click here to read). This most recent interim final rule is the second of several anticipated rulings in response to the […]

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    Jun 15, 2020

    SBA Revises First Interim Final Rule

    On June 11, 2020, the Small Business Administration (SBA) released revisions to its initial interim final rule on the Paycheck Protection Program (PPP) (click here to read). Thursday’s interim final rule is in response to the Paycheck Protection Program Flexibility Act (PPPFA) signed into law on June 5th. The PPPFA made a number of amendments […]

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    Jun 04, 2020

    Senate Passes Paycheck Protection Flexibility Act

    On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This bill is pending approval of the President.  Upon approval, this new legislation would make key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and would revise how loan recipients would be required to allocate the money. […]

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    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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