On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”). Though several Senators had raised concerns about the House bill, ultimately the Senate passed the House version with no changes, avoiding negotiations on a final bill.
On May 5, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) extended the safe harbor for repaying Paycheck Protection Program (“PPP”) loans from May 7 to May 14, 2020.
After over a month of furloughing, you are ready to call your furloughed employees back to work, only to be surprised by employees who tell you, “I won’t come back right now, unemployment is too good.”
On April 30, 2020, the IRS released guidance disallowing deductions for otherwise deductible expenses if payment of the expense results in forgiveness of a covered loan under the CARES Act.
On April 23, 2020, the Department of the Treasury (“Treasury”) and the Small Business Administration added FAQ 31 to the Frequently Asked Questions (“FAQs”) on Paycheck Protection Program (“PPP”) loans.
The U.S. Congress passed legislation to increase funding for coronavirus relief programs on Thursday, April 23, 2020.
Companies should consider notifying their insurers of business interruption losses in the wake of the COVID-19 crisis.
The roughly $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27, 2020 includes temporary modifications to the Internal Revenue Code intended to provide economic relief and increased liquidity to those affected by the COVID-19 pandemic.
On April 8, 2020, the IRS issued guidance allowing partnerships to claim tax benefits provided under the CARES Act immediately, placing such partnerships on similar footing as corporations. Revenue Procedure 2020-23 gives BBA partnerships a temporary window to file amended returns (instead of administrative adjustment requests) for their 2018 and 2019 tax years. Amended returns must be filed by September 30, 2020.
Businesses today face an historic and unprecedented operating environment, which has caused many companies to look to the recently passed $2.2 trillion CARES Act stimulus bill, including the new Paycheck Protection Program (“PPP”), for much needed capital injections.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law…
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed by President Trump. The CARES Act includes various tax provisions, and this update summarizes some of those key provisions related to employee and retirement benefit plan matters.