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.
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.
Paycheck Protection Program
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.
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.
