Earlier this week, Treasury and the SBA issued their 20th Interim Final Rule. The Good News Treasury and the SBA have announced that a borrower may submit a loan forgiveness application before the end of the covered period. The Bad News This flexibility may have little practical effect. We believe Read more…
Back in March, the CARES Act suspended all 2020 required minimum distributions (RMDs) from eligible retirement accounts. For taxpayers who turned 70½ during 2019, this includes the initial 2019 RMDs due by 4/1/2020, if the RMD was taken after 12/31/2019. RMDs may be deposited back into a retirement account within Read more…
What You Need to Know Regarding Single Audit Compliance Related to COVID-19 Federal Funds Received OMB issues M 20-26, a memorandum regarding the extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by COVID-19, dated June 18, 2020, which provides some clarification on “Administrative Relief Read more…
Treasury and the SBA have been quite busy since the passage of H.R. 7010. They have issued an updated Loan Forgiveness application, a new “EZ” application, instructions for both, and three more Interim Final Rules. The Good News With the extension of the covered period to 24-weeks, the cash compensation Read more…
Yesterday, the Senate passed the latest Paycheck Protection Program Flexibility Act of 2020, which is also known as H.R. 7010. We expect the President to sign this Act. The Good News With a little patience and a little more work, most borrowers should be able to have their entire PPP Read more…
On Friday evening, the day after our last webinar, Treasury issued 45 pages of guidance on PPP Loan Forgiveness. The Good News As we hoped, the FTE Reduction Exceptions also apply to the Wage Reduction Limitation. Employees who fail to return from unemployment, are fired for cause, quit, or request Read more…
On Friday night, Treasury and the SBA released the application for loan forgiveness, two supporting schedules, and instructions, eleven pages in all. In addition, the SBA plans additional guidance and regulations soon. The Good News The SBA said its form and instructions are designed to reduce compliance burdens and simplify Read more…
Treasury and the SBA have issued precious little additional guidance since our last post on Thursday, May 7th. But there has been a little news about the SBA’s coming reviews of borrowers’ good-faith certifications. The Good News For loans of less than $2 million, borrowers will be deemed to have Read more…
As we are all aware, information related to Coronavirus changes by the hour. The financial ramifications of the economic shutdown in response to Coronavirus are expected to significantly, adversely affect individuals and the public and private sectors. To ease these negative consequences, the Federal Government has provided stimulus payments to Read more…
The COVID-19 pandemic has affected local government nationwide. We understand there are numerous items keeping you up at night and everyone is trying to take one issue at a time. Unfortunately, during this time the budgets for next year are being made, with large amounts of uncertainties, and now the Read more…