On October 8, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-fifth Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules. This Interim Final Rule supplements previously posted interim final rules for the Paycheck … [Read more...] about SBA Simplifies Forgiveness for Borrowers with PPP Loans of $50,000 or Less
COVID-19
SBA Issues Guidance on PPP Loans and Changes of Ownership
On October 2, 2020, the U.S. Small Business Administration ("SBA") issued Procedural Notice No. 5000-20057 to provide information concerning the required procedures related to changes of ownership of an entity that has received Paycheck Protection Program ("PPP") funds. This is one of a number of … [Read more...] about SBA Issues Guidance on PPP Loans and Changes of Ownership
IRS Issues Guidance on Payroll Tax Deferral
On August 28, 2020, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee's portion of the Social Security tax for the period September 1, … [Read more...] about IRS Issues Guidance on Payroll Tax Deferral
SBA Issues New Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs
On August 24, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-fourth Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. This Interim Final Rule supplements previously posted interim final rules for the Paycheck Protection Program ("PPP") by … [Read more...] about SBA Issues New Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs
New Interim Final Rule Outlines Process for Appealing SBA Loan Review Decisions
On August 11, 2020, the U.S. Small Business Administration (“SBA”) posted a twenty-third Interim Final Rule on Appeals of SBA Loan Review Decisions Under the Paycheck Protection Program. This Interim Final Rule supplements the interim final rule on Loan Review Procedures and Related Borrower and … [Read more...] about New Interim Final Rule Outlines Process for Appealing SBA Loan Review Decisions
President Issues Executive Orders as Negotiations Over Relief Legislation Stall
On Saturday, August 8, 2020, President Trump signed four executive orders extending Coronavirus (COVID-19) pandemic relief provisions to millions of Americans, following the breakdown of negotiations between the White House and Democratic leaders over the next round of pandemic relief legislation on … [Read more...] about President Issues Executive Orders as Negotiations Over Relief Legislation Stall