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UPDATED - The Small Business Administration issued guidance on May 5th that extends until May 14, 2020 the safe harbor for returning the PPP loan proceeds. Our alert first published on April 30, 2020 has been updated to reflect this and to add some other guidance on the issue of “necessity.” Further Relief for Indiana Businesses During the Time of COVID-19: Remote Meetings and Suspending Five-Year Limit on Reinstatements
Governor Eric Holcomb recently signed Executive Order 20-23, which provides further relief for Indiana businesses in light of COVID-19. A. Remote Annual Meetings for Corporations and Meetings for Nonprofit Organizations Remote annual meetings of shareholders are now authorized during the… IRS Provides Updated Guidance Related to Recent COVID-19 Releases
Guidance continues to be issued by various governmental agencies regarding the Paycheck Protection Program (the “PPP”) established by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). On April 30, 2020, the Internal Revenue Service (“IRS”) issued new and supplementary… Updates to the Fed's Main Street Lending Program
On April 29, 2020, the Federal Reserve Board (the “Fed”) announced that it was expanding the Main Street Lending Program due to public feedback to expand its scope and eligibility and to create a new loan option. Unfortunately while the program has expanded, the Fed has still not announced an… Paycheck Protection Program: Confirm the Necessity or Return the Funds
Participants in the Paycheck Protection Program (“PPP”) established by the CARES Act face an upcoming fork in the road. Those that have received funding under the PPP may be half-way through the eight week period to expend funds that will be eligible for forgiveness. But recent guidance calls for… PPP - Get Ready - Again
On April 16, 2020, the $349 billion allocated for the Payroll Protection Program (“PPP”) authorized by the CARES Act had been fully allocated. Due to the wide-ranging success of the PPP, Congress is working towards expanding the program to replenish the funds. It has been widely reported that the… SBA Issues Additional Interim Guidance on Paycheck Protection Program Clarifying Treatment of Self-Employment and Partner Income
On April 14, 2020, the U.S. Small Business Administration (the “SBA”) issued a second interim final rule (the “Second PPP Interim Final Rule”) related to the Paycheck Protection program (the “PPP”) offered under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). This latest… IRS Provides Relief for Partnerships to File Amended Returns
On April 8, 2020, the IRS issued Rev. Proc. 2020-23 (“RP 20-23”) in response to provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). RP 20-23 allows eligible partnerships to file amended partnership returns for tax years beginning in 2018 and 2019 by filing a Form… Changes to Net Operating Loss Carryback Rules May Provide Opportunities
[Updated April 17, 2020] The IRS posted updated FAQ’s related to temporary procedures permitting refund claims, requested on Form 1045, Application for Tentative Refund, or Form 1139, Corporation Application for Tentative Refund, to be submitted via fax to 844-249-6237. Only claims allowed under the… IRS Provides Guidance on Process for Claiming COVID-19 Related Payroll Tax Credits
On March 30, 2020, the IRS issued a new tax form, and related instructions, for employers seeking to obtain advance payments of three new tax credits established under the Families First Coronavirus Response Act (“Families First Act”) and the Coronavirus Aid, Relief and Economic Security Act… Comparisons of the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)
[UPDATED APRIL 17, 2020] On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “Act”) which provides significant economic benefits to small businesses. Two of the most economically beneficial programs available to small businesses are the Economic… Insurance Coverage for COVID-19: Six Steps to Help Your Business Maximize Insurance Coverage That May Be Available to Offset COVID-19 Losses and Claims
The novel Coronavirus (COVID-19) pandemic creates unprecedented and significant challenges for businesses of all sizes. In light of the rapidly evolving circumstances, Krieg DeVault has assembled a COVID-19 Resource Center and Checklist to help your business navigate this crisis. One important… |
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