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...
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...
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...
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...
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...
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...
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...
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...
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...
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...