NEWS & INSIGHTS

COVID-19 Relief for Estate and Gift Q&A from the I.R.S.

COVID-19 Relief for Estate and Gift Q&A from the I.R.S.

On April 23, 2020 the I.R.S. posted information on issues raised by the COVID-19 relief time extension granted to taxpayers to fulfill their estate, gift and generation-skipping tax obligations.  Below is are the questions and answers provided by the I.R.S..  The...

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Details

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Details

On Friday, May 15, 2020, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. 

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

UPDATE:  SBA Loan Eligibility FAQs

UPDATE: SBA Loan Eligibility FAQs

Certain government programs, including SBA loan programs, are reserved for “small businesses.” In order to qualify for those programs, a business must satisfy both the SBA’s definition of a “small business concern” as well as the size standards for a small business.

CARES Act Programs and Initiatives for Small Businesses

CARES Act Programs and Initiatives for Small Businesses

On March 27, President Trump signed into law the Coronoavirus Aid, Relief, and Economic Security (CARES) Act intended to assist business owners.  Major programs and initiatives in the act include: Paycheck protection program loans, Small business debt relief program, Economic injury disaster loans and emergency injury grants, Small business counseling, Small business Contracting, Small business tax provisions. The U.S. Senate Committee on Small Business & Entrepreneurship has put together “The Small Business Owner’s Guide to the CARES Act” which details the provisions in the act.  Click here to view the guide.