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PPP SBA Interim Final Rule

On May 15, 2020, the Treasury Department and Small Business Administration(SBA) released the PPP Forgiveness Application providing additional guidance and insight on the loan application process to borrowers. Additionally, the SBA released an Interim Final Rule (IFR) related to loan forgiveness on May 22, 2020, which was consistent with the application and added clarifications. Keep in…

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Retirement Plan Relief in Cares Act

The Cares Act includes new distribution options offered in retirement plans to individuals impacted by the virus. Eligible individuals may take advantage of these temporary distribution options (1) coronavirus-related distributions and (2) coronavirus-related plan loans. Coronavirus-Related Distributions Qualifying individuals may take up to a $100,000 distribution from their qualified retirement accounts from January 01, 2020, to December…

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Business Tax Provisions in the CARES Act

On March 27, The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed and signed into law to provide economic relief to businesses and individuals impacted by COVID-19. It includes several significant changes to tax law, below is a summary of key provisions that impact businesses. 1. Modifications for Net Operating Losses A net…

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How to avoid a reduction in PPP loan forgiveness

Four Events can trigger a reduction in loan forgiveness: Reduction Based on Use of Funds Reduction Based on Employee Headcount Reduction Based on Employee Payroll Reduction Based on Advance Payment #1 Reduction Based on Use of Funds At least 75% of the loan proceeds must be used on payroll costs. Borrowers may only spend only…

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