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Friedman LLP

COVID-19 Resources for You: Federal Relief

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In times of great uncertainty, there is power in knowledge and preparation. In response to the coronavirus (COVID-19) outbreak throughout the United States and beyond, we’ve assembled industry experts to give you guidance and solutions to combat the ramifications on your business.

Paycheck Protection Program

January 26, 2021 [NEW] SBA Issues Updated Economic Aid Act PPP Loan Forgiveness Guidance

On December 27, 2020, Congress enacted the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) – part of the Consolidated Appropriations Act of 2021 – which included a number of changes to the Paycheck Protection Program (“PPP”).

January 10, 2021 [NEW] Next Wave of PPP Loan Applications Begins

The Treasury Department and the Small Business Administration (“SBA”) have announced that they will begin accepting applications for new Paycheck Protection Program (“PPP”) Loans from some borrowers beginning Monday, January 11th. 

December 24, 2020 [NEW] Additional Tax-Related Provisions of the Consolidated Appropriations Act, 2021

The initial attention generated by the Consolidated Appropriations Act, 2021 focused on the economic relief provisions – enhancement and expansion of the Paycheck Protection Loan program, extension of unemployment benefits, a second round of stimulus checks, etc. – but the Act also addressed a number of tax and tax related issues.

December 22, 2020 [NEW] Congress Finally Passes the Emergency Coronavirus Relief Act of 2020

Like college students right before winter break, the 116th Congress closed its term with one last all-nighter. And, while the Consolidated Appropriations Act, 2021 does not include many relief provisions deemed vital by Democrat or Republican representatives and senators, there is still much that both sides agreed was necessary – especially for small and mid-sized businesses.

November 19, 2020 Latest IRS Guidance Dashes Hopes of Deducting Expenses Paid with PPP Loans

The Paycheck Protection Program (“PPP”), passed as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was a welcome relief for small businesses, providing a financial lifeline through the recession caused by COVID-19. 

November 5, 2020 SBA Creates New PPP Uncertainty with its Uncertainty Certification Forms

Over the course of the Paycheck Protection Program (“PPP”), the Small Business Administration (“SBA”) has released guidance in the form of FAQs. In April and May, guidance was released on Borrowers’ good faith certification of their eligibility for PPP loans and explained how the SBA would review such good-faith certification.

October 13, 2020 How COVID-19 Relief Programs Impact Your Pension Plan Administration

Various forms of government relief have been issued in an effort to soften the economic impact of COVID-19. As the IRS and Treasury have released guidance governing the implementation of programs like the CARES Act and Paycheck Protection Program (“PPP”) have evolved, the impact on your business’ pension administration has become increasingly clear. 

October 10, 2020 The SBA Releases More PPP Loan Guidance Affecting Loan Forgiveness and Changes of Ownership

It has been six weeks since we last heard from the SBA and Treasury with regard to Paycheck Protection Loan forgiveness despite the fact that the guidance released to that point left many questions unanswered.

May 26, 2020 [NEW] Further SBA Guidance on PPP Loan Forgiveness as of May 22, 2020

On Memorial Day weekend, the Treasury and Small Business Administration (“SBA”) released two new Interim Final Rules (“IFR”) – one on Loan Forgiveness and one covering Loan Review Procedures. Read on to learn about the major changes and clarifications with regard to Loan Forgiveness rules.

May 16, 2020 SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

Fortunately, borrowers now have official guidance regarding Paycheck Protection Program loan forgiveness in the form of an application with detailed instructions. The Small Business Administration said they will also soon issue regulations and guidance to further assist borrowers as they complete their applications. Lenders will also receive further guidance on their responsibilities.

May 13, 2020 SBA Publishes Interim Final Rule on PPP Loans and Partner Compensation

On May 13 the SBA released an Interim Final Rule (“IFR”) which will enable certain partnerships that applied for Paycheck Protection Program (“PPP”) loans but did not include partner income in their loan amount to go back to their lender and get an additional disbursement.

May 13, 2020 [NEW] New PPP Guidance: Safe Harbor for Good Faith Certification

The Small Business Administration (“SBA”) has released additional guidance attempting to clarify how it will view the good faith certification required of the Paycheck Protection Program’s (“PPP”) loan borrowers.

May 1, 2020 IRS Releases Guidance on Deductibility of PPP Expenses

Since the CARES Act was passed, taxpayers and their advisors have wondered if expenses paid for with Paycheck Protection Program (“PPP”) loan funds that were ultimately forgiven will still be deductible for income tax purposes.

April 26, 2020 How to Calculate Maximum Loan Amounts—By Business Types

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses can apply for.

April 23, 2020 New Bill Allocates Additional Funding to PPP

The president signed a $484 billion coronavirus relief bill that will replenish the funds available to small businesses through the Paycheck Protection Program (“PPP”). The SBA announced that new loan applications will be accepted starting at 10:30 AM on Monday, April 27.

April 22, 2020 Track Your PPP Loan Spending to Ensure You Qualify for Forgiveness

Following a frantic rush to become familiar with the CARES Act, and the Paycheck Protection Program (“PPP”) it introduced, businesses whose loans have been funded must now focus on carefully tracking how they spend their PPP loan.

April 14, 2020 IRS Clarifies Tax Deferral Option for PPP Borrowers

Read the newest guidance from the IRS, expanding a benefit for small- and medium-sized businesses affected by the coronavirus and seeking relief through the Paycheck Protection Program (PPP).

April 7, 2020 [UPDATED] Paycheck Protection Program Update

On April 6th, the SBA released a new FAQ for the PPP loan program.  The Small Business Administration (SBA) and Treasury Department initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. 

March 30, 2020 Understanding The Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.

Recent Webinars

June 11, 2020 [Webinar] Paycheck Protection Program Flexibility Act Q&A

Access the recording from our recent Q&A session with our experts on Congress’s newly passed Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The PPPFA aims to clarify the intentions of the Paycheck Protection Program (PPP) and make it easier for borrowers to obtain loan forgiveness.

May 28, 2020 [Webinar] Further SBA Guidance on PPP Loan Forgiveness

Access the full recording from our recent webinar where our experts addressed the major changes included in the May 22nd Interim Final Rules on Loan Forgiveness and Loan Review Procedures and answered frequently asked questions.

May 20, 2020 [Webinar] New Guidance on PPP Loan Forgiveness Webinar

Watch our recent “New Guidance on PPP Loan Forgiveness” webinar where our experts discussed the Small Business Administration’s recently released guidance on the Paycheck Protection Program’s requirements for loan forgiveness.

April 1, 2020 [Webinar] CARES Act: Live Virtual Q&A Event Recording

Friedman hosted a live, virtual Q&A session where our experts answered frequently asked questions about the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act and other financial relief programs. Watch for guidance on these beneficial measures.

Other Initiatives

April 22, 2020 Small Business Relief Initiative

Small business owners across America are struggling to keep their workers employed and their businesses alive. In response, the U.S. Chamber of Commerce launched a new $5,000 grant program known as the “Save Small Business Initiative,” which you may be eligible for.

April 15, 2020 Treasury, IRS Unveil Online Application to Help With Economic Impact Payments

Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.

April 13, 2020 Federal Reserve Publishes Terms for New Business Loan Programs

Two Federal Reserve programs, the Main Street New Loan Facility and Main Street Expanded Loan Facility, which together will make up to $600 billion available to small and medium-sized businesses, were the subject of term sheets published by the agency on April 9.  

April 10, 2020 IRS Issues New Guidance on COVID-19 Relief

In a flurry of activity on Thursday, the IRS issued a News Release, two Notices, and two Revenue Procedures providing guidance on how to apply for relief offered to taxpayers by the CARES Act, as well as administrative relief granted by the IRS under its existing authority.

April 1, 2020 [UPDATED] Key Aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act

President Trump signed into legislation the CARES Act, or coronavirus stimulus bill. The following sections summarize key aspects of the Senate bill as it was passed.

March 26, 2020 IRS People First Initiative

To assist taxpayers facing issues related to COVID-19, the IRS yesterday announced its People First Initiative, which, beginning on or about April 1 and continuing through at least July 15, will temporarily adjust certain IRS compliance programs

March 25, 2020 [UPDATED] Families First Coronavirus Response Act Key Takeaways

Yesterday, the President signed legislation aimed at expanding emergency family and medical leave, unemployment insurance, sick leave, food and nutrition and funds for testing and other healthcare provisions.

March 25, 2020 [UPDATED] IRS Tax Filing Guidance On Extensions

The IRS has just released a notice providing guidance for taxpayers with respect to the extension of time to make certain tax payments. Learn the details. 

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  • Frederick R. Berk
    Frederick R. Berk
    CPA, Co-Managing Partner
    fberk@friedmanllp.comp212.842.7530
  • Carl H. Bagell
    Carl H. Bagell
    CPA, Partner
    cbagell@friedmanllp.comp856.830.1600
    f856.396.0022
  • John M. Bono
    John M. Bono
    CPA, Partner
    jbono@friedmanllp.comp516.281.9145
    f516.281.9146
  • Robert Charron
    Robert Charron
    CPA, Partner in Charge of Tax Department
    rcharron@friedmanllp.comp212.842.7627
    f212.897.6491
  • Michael J. Greenwald
    Michael J. Greenwald
    MPPM, CPA, Business Tax Leader
    mgreenwald@friedmanllp.comp212.842.7513
    f212.842.7001
  • David P. McKelvey
    David P. McKelvey
    CPA, PFS, Partner
    dmckelvey@friedmanllp.comp212.842.7558
    f212.842.7559
  • Michael Sacco
    Michael Sacco
    CPA, Partner
    msacco@friedmanllp.comp212.842.7032
    f212.842.7001

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