SBA Releases Guidance to Support Application Form for PPP Loan Forgiveness and Review

The SBA has released new guidance on loan forgiveness (click here) and loan review (click here) under the Paycheck Protection Program. This guidance is meant to help inform borrowers who are completing the recently released loan forgiveness application form (click here). The loan forgiveness rule provides further instructions for filling out the forgiveness application, and the loan review rule outlines […]

Webinars on the Main Street Lending Program

The Federal Reserve Bank of Boston has announced two upcoming opportunities for businesses to learn more about the Main Street Lending Program: a webinar on May 29 and a drop-in session on June 3. More information is available at the events page for the Main Street program (click here). The Federal Reserve has said that it intends to […]

Roundup of Updates and Resources from the IRS

Complying with New USMCA Trade Agreement Announcement 2020-06 (click here) provides the Treasury Department and IRS view on how to interpret references in US income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the Agreement between the United States Canada and Mexico (the USMCA).  The announcement provides that […]

Treasury and SBA Publish PPP Loan Forgiveness Application

The Treasury Department and SBA have released information on how small businesses can apply for loan forgiveness under the Paycheck Protection Program. The Loan Forgiveness Application explains how to calculate your forgiveness amount, determine your eligible payroll and nonpayroll costs, document eligibility for loan forgiveness and apply the CARES Act’s safe harbor for remedying payroll […]

SBA Debt Relief For 7(a), 504 & Microloan Borrowers

As part of its COVID-19 debt relief efforts, the SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for […]

New Guidance on Foreign Affiliates and PPP Eligibility

The Treasury Department has clarified how to count foreign employees and foreign affiliates for PPP eligibility. You can read the rule clicking here, which says that applicants must count all US and foreign-based employees, including those of their domestic and foreign affiliates, to determine if they meet the PPP’s size tests. However, note that the […]

Questions Continue to Surround Legislation to Provide Grants to “Frontline” Workers

As reported previously, S.346 was passed by the Senate and would provide grants for certain critical/essential employees who worked during the last two months (see related post here).  As the bill developed, questions were raised about the appropriate scope of the bill, the period of time it should apply to, whether federal COVID-19 funding would […]

Proposed Grant Program to Support Manufacturers Retooling to Produce PPE Put on Hold | Feedback Still Needed from Interested Companies

As reported previously, H.945 was developed by the House Commerce and Economic Development Committee to provide grants to Vermont manufacturers that might need assistance in retooling their operations to produced PPE needed in the state (see related post here).  This week, however, the Committee put further consideration of the bill on hold after feedback from […]

New Refresher/Overview of Paid Leave and Employer Tax Credits under the FFCRA Posted by the IRS

As you know, the Families First Coronavirus Response Act (FFCRA) provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are refundable. That means if the amount of the credit exceeds the amount […]