Way back on March 16, the Governor issued Executive Order 202.4, which required local governments to allow non-essential personnel to work from home or take leave without that leave affecting their accrued time off and benefits. It also mandated that the total number of non-essential personnel to work from home or take time off equal […]
On Friday, June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act (PPPFA), giving PPP borrowers more “flexibility” and a longer time to use the Program’s funding and still qualify for loan-forgiveness from the CARES Act’s Paycheck Protection Program. While the Act has addressed many of the concerns that PPP borrowers […]
Late Wednesday evening, the Senate passed the Paycheck Protection Program Flexibility Act. The Act, which passed the House of Representatives last week, is being sent to the President for final approval. The Act gives business owners more “flexibility” and a longer time to use the Program’s funding and still qualify for loan-forgiveness from […]
May 15 marked the end of NY Pause and the beginning of NY Forward, the Governor’s Plan (the Plan) to gradually reopen the State. The Plan reopens the State economy on a regional and industry by industry basis. When the reopening begins for each region depends on each region’s ability to meet a series of […]
In response to a recent announcement that the Small Business Administration would review any Paycheck Protection Program loans allocated in amounts exceeding $2 million, on May 13, 2020 the agency issued additional FAQ answers, by releasing questions 46 and 47. In the FAQs, the SBA noted that it will extend an automatic safe harbor to […]
When you mention the CARES Act, most people will think of two things; the $1,200 individual stimulus check or the Small Business Administration’s Paycheck Protection Program. They may even mention the SBA’s Emergency Injury Disaster Loan and the Treasury’s Main Street Lending Program, however, many have overlooked the Employee Retention Credit (ERC). The ERC was […]
On April 30, 2020, the Internal Revenue Service (IRS) released Notice 2020-32. The notice provided guidance on otherwise deductible business expenses covered with the Small Business Administration’s Paycheck Protection Program (PPP) loan proceeds that are either partially or completely forgiven and excluded from the taxpayer’s income. The IRS, relying on Internal Revenue Code (IRC) Section […]
New York has been “On Pause” for over a month now. But last week, Andrew Cuomo’s office began outlining initial steps toward a phased, regional reopening plan titled New York Forward. Cuomo announced guideposts of the initial stages of the New York Forward plan, which are intended to inform decisions made as the New York’s […]
The Small Business Administration’s Paycheck Protection Program (PPP) and Emergency Injury Disaster Loan (EIDL) funds were replenished on Friday, April 24, 2020, after President Trump signed the Paycheck Protection Program and Health Care Enhancement Act. The Act provides more than $300 billion in additional funds for the PPP and EIDL. Recap Previously, we […]
Steps To Forgiveness Previously, we reported that on Thursday, April 16, 2020, the $349 billion that funded the Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) were depleted. More than 1.6 million applications were approved for an amount of almost $339 billion, with an average loan amount of $239,152. California, […]