May 4 2020
Coronavirus Update 5/4/20 – IRS Rules Expenses Paid with PPP Loan Proceeds are Not Deductible
EMERGENCY UPDATE — Monday, May 4 — To our clients: By now, many of you are aware that, on Thursday, April 30, 2020, the IRS released Notice 2020-32. This notice confirms that the recent CARES Act provided PPP loan proceeds could potentially be forgiven and that any such forgiveness would not be taxable. The Notice goes […]
March 31 2020
Coronavirus Update 3/31/20
EMERGENCY UPDATE — Tuesday, March 31 — To our clients: As some of you are already aware, as part of the CARES Act signed into law on Friday, March 27, 2020, the Small Business Administration (SBA) is offering two programs to provide financial assistance to small businesses. The first program is a disaster assistance loan, […]
March 31 2020
SBA Loans — Link to Official Information
EMERGENCY UPDATE — Tuesday, March 31 — Pennsylvania’s disaster declaration has been approved by SBA and businesses are able to apply for an SBA Economic Injury Disaster Loan (EIDL) online at https://disasterloan.sba.gov/ela.
EMERGENCY UPDATE — Tuesday, March 31 — From the introduction to the guide: “The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $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. Importantly, these loans may be forgiven […]
March 26 2020
Coronavirus Update 3/26/20
EMERGENCY UPDATE — Thursday, March 26 — To our clients: At long last, the Senate has passed a $2.2 trillion economic stimulus bill. The Coronavirus Aid, Relief, and Economic Security Act (CARES) is the most expensive piece of tax legislation ever passed. The House now has the opportunity to modify the bill and the President […]