On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act. This legislation modifies the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). The Flexibility Act includes the following modifications: 1. Extends Forgiveness Period This Flexibility Act extends to the cover-period from 8 weeks to 24 weeks. 8-week cover period. The 24-weeks…
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…
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…
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…