Business Loan Program Temporary Changes; Paycheck Protection Program
Interim Rules: The immediate effective date of this interim final rule will benefit small businesses so that they can immediately apply for the loan with a full understanding of loan terms and conditions. Lenders: The Small Business Administration (SBA) will allow lenders to rely on certifications of the borrower in
IRS Releases Details on Receiving Coronavirus Economic Impact Payments
Economic impact payments: What you need to know In an information release, the Treasury Department and IRS have announced that distribution of economic impact payments, made as part of the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136, 3/27/2020, the Act), will begin in the next three weeks and
Detailed Business Tax Provisions in the CARES Act
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act passed in the Senate in the evening of March 25, 2020. Details of the Senate bill follow: For Businesses Employee retention credit for employers This provision provides a refundable payroll tax credit for 50% of wages paid by eligible employers to
Loan forgiveness, Paycheck Protection, Payment Deferral & Eligibility Under the CARES Act
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act passed in the Senate in the evening of March 25, 2020. Details of the Senate bill follow: Who qualifies? An ‘impacted borrower’ means an eligible recipient that is in operation on February 15, 2020; and has an application for a covered
$2 Trillion Coronavirus Stimulus Bill Stalled in Senate: CARES Act
Debate over incentivizing workers with unemployment benefits that could be higher than their paid job, and concerns over corporate welfare, are stalling the Coronavirus Aid, Relief and Economic Security Act stimulus bill, known as the CARES Act. This is the largest funding for disaster aid in U.S. history. The
Emergency Paid Sick Leave: How is it Defined Under the FFCRA?
The Barnes Dennig COVID-19 Advisory Team is seeking additional guidance on whether or not the recent ‘Stay at Home’ orders which are being pushed out on a state-by-state basis qualify as “quarantine” or “isolation” for emergency paid sick leave payments. At this time, the ‘Stay at Home’ order in Ohio