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…
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…