One more hurdle for not-for-profits amid other COVID concerns20200724112959

One more hurdle for not-for-profits amid other COVID concerns

FMLJuly 24, 2020
Not-for-profits, like many other small businesses, have struggled during the current socioeconomic conditions that have arisen as a result of COVID-19. Many not-for-profits went into March providing services for the communities of Connecticut while running at a loss, dependent on Federal, State and ...
Revised PPP Loan Forgiveness Application and Updated Guidance20200619093342

Revised PPP Loan Forgiveness Application and Updated Guidance

FMLJune 19, 2020
On June 17, 2020 the SBA issued the revised PPP Loan Forgiveness Application(s) and issued Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules. Both provide necessary updates to loan forgiveness pursuant to the PPP Flexibility Act signed into law ...
Financial Recognition of PPP Loan20200616154509

Financial Recognition of PPP Loan

FMLJune 16, 2020
The AICPA has released Q&A Section 3200.18 answering a frequently asked question regarding how Companies will account for the forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A common thought is repeated in the AICPA’s document “[a]lthough the l...
Paycheck Protection Program Flexibility Act of 202020200608090700

Paycheck Protection Program Flexibility Act of 2020

FMLJune 8, 2020
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) which generally allows greater flexibility with respect to the Paycheck Protection Program, Section 7(a) business loans, that were enacted on March 27, 2020 as part ...
Urgent Update – PPP Flexibility Act20200604093437

Urgent Update – PPP Flexibility Act

FMLJune 4, 2020
Late night on June 3, 2020, the Senate passed the House’s PPP Flexibility Act which is expected to be signed by the President shortly.  Main provisions/changes of the PPP Flexibility Act that will be discussed in detail include:  “Covered Period” for spending PPP loan funds, and qualifying...
Highlights of the SBA PPP Loan Forgiveness Application20200518133457

Highlights of the SBA PPP Loan Forgiveness Application

FMLMay 18, 2020
On May 15th, the Small Business Administration released the PPP Loan Forgiveness Application which will be reviewed by lenders for purposes of determining appropriate loan forgiveness.  Below are some of the highlights and clarifications: Introduction of an “Alternative Covered Period”.  T...
An important clarification regarding the Paycheck Protection Program20200513130530

An important clarification regarding the Paycheck Protection Program

FMLMay 13, 2020
Many businesses receiving PPP loans have been in the dark recently regarding the SBA’s guidance (or lack thereof) on certain good faith certifications that were provided by applicants of the PPP loan, and the additional provision that was added relating to “access to other sources of liquidity” in q...
Paycheck Protection Program Section 265: Alert20200503170447

Paycheck Protection Program Section 265: Alert

FMLMay 3, 2020
On April 30, 2020, the IRS issued Notice 2020-32 regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program and ...
Main Street Lending Program Summary20200417095702

Main Street Lending Program Summary

FMLApril 17, 2020
On April 9, 2020, the Federal Reserve released the Main Street Lending Program, consisting of 2 distinct programs: Program 1:  Main Street New Loan Facility (MSNLF), issued by the Federal Reserve on April 9, 2020, is a part of the $600B lending program designed to help small and medium-sized bu...
Guidance for the Self-Employed on the Paycheck Protection Program20200414205437

Guidance for the Self-Employed on the Paycheck Protection Program

FMLApril 14, 2020
On April 14, 2020, the Small Business Administration (SBA) released an Interim Final Rule providing guidance on eligibility issues relating to the PPP loans for individuals with self-employment income who file a Form 1040, Schedule C. Below are the highlights: ...
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