Important Note: An Eligible Employer may not receive the Employee Retention Credit if the Eligible Employer receives a Small Business Interruption Loan under the Paycheck Protection Program that is authorized under the CARES Act (“Paycheck Protection Loan”). An Eligible Employer that receives a Paycheck Protection Loan should not claim Employee Retention Credits. April 1, 2020 […]
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Background In light of the novel coronavirus (COVID-19) global pandemic, many small-to-medium sized businesses are struggling to manage revenue losses amid prolonged economic uncertainty. To offset the pandemic’s financial impacts, Congress has passed several stimulus bills, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions […]
On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – postponing both the filing of federal income tax returns and the submission of federal income tax payments to July 15, 2020, which would have been due April 15, 2020. Notice 2020-18 is available here. On March 24, 2020, […]
Families First Coronavirus Response Act – Guidance Related to Required Paid Sick Leave, Extended FMLA Requirements and Payroll Tax Credits Designed to Fund These Required Payments Introduction Please note that the items discussed in this memo should be discussed with legal counsel. We are attempting to provide a summary of the rules based on our […]
The SBA allows the Administrator to provide loans directly or in cooperation with the private sector through agreements to participate on an immediate or deferred (guaranteed) basis. Lenders authorized to make loans under the SBA’s current Business Loan Program are automatically approved to make and approve loans under this new program, and they may opt […]
On March 18, the President signed the Families First Coronavirus Response Act (FFCRA). The signed bill scaled back the version of the law that passed the House on March 14. The FFCRA will become effective on April 1, according to guidance issued on March 24 by the U.S. Department of Labor (DOL). The FFCRA contains […]
The federal government recently enacted three phases of relief in response to the coronavirus outbreak. Phase 1 offers an Economic Injury Disaster Loans available under the existing Disaster Loan Program overseen by the U.S. Small Business Administration (“SBA”). Phase 2 features no loan programs. Phase 3 is the Coronavirus Aid, Relief and Economic Security Act […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress on March 27, 2020, and the President is expected to sign it into law immediately. The CARES Act is the most expensive piece of Legislation passed to date with a total of 2.2 trillion dollar price tag. The CARES Act provides tax […]
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with […]
Last month Pat McKay, Partner, was pleased to participate in a Deal Talk podcast with 7 Mile Advisors on The Importance of Preparing Accounting Principles Before Starting a Sell-Side Process. Click here to list to the podcast.
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