The Paycheck Protection Program (PPP), provides loans and loan forgiveness based on borrower’s certifications and documentation provided by the borrower. The SBA has announced that it will begin auditing these applications once the filing of the forgiveness request is made. Due to the many and ongoing changes in guidance and rules, we recommend early filing for forgiveness, as…

A Presidential directive was issued on Saturday, August 8, 2020, deferring collection of certain U.S. payroll taxes normally withheld from employees’ paychecks from September 1 through the end of the year.  The IRS issued guidance on August 28, 2020, attempting to implement the directive, allowing employers to defer withholding the employee portion of certain payroll taxes (where pretax…

After acting decisively to support the economy in March, Congress has failed to agree on a subsequent round of spending. Key economic supports, like the $600 supplement to unemployment insurance payouts and a moratorium on evictions, were allowed to expire at the end of July. Presidential executive orders to continue certain protections are not likely…

Senators on Friday urged the Treasury Department and Small Business Administration (SBA) to simplify the process for businesses to receive loan forgiveness under the Paycheck Protection Program (PPP). “In this public health and economic emergency, we must do all we can to make sure our small businesses have the support and assistance they need to weather the crisis,” they said in a letter to…

More than $130 billion in Payroll Protection Program funding is still available for small businesses, independent contractors, and nonprofits, but the opportunity is about to end. While the time to spend PPP money was just extended, the last day a PPP request (and essentially free money) can be made is only weeks away – June 30th, 2020. More…

Amendments to the SBA Payroll Protection Program became law on Friday, June 5th, which extend the time to spend PPP money from eight (8) weeks to twenty-four (24) weeks. However, relying on this new 24 week time has disadvantages, due to penalties from pay reductions or lower headcounts during the extended 16 weeks time. If you already have a…

Congress just passed changes to the PPP program, now headed for presidential approval: Extends the eight-week spending period of PPP funds for an additional 16 weeks  Increases the repayment time for unforgiven funds to five years for most applicants  Changes the forgiveness requirement maximum for non-payroll expenses from 25% to 40%, with a severe penalty if the 40% is exceeded…

On May 19, 2020, the Department of Labor issued revised interim enforcement guidance by the Occupational Safety and Health Administration (OSHA) concerning its recordkeeping requirement related to recording cases of COVID-19 for non exempt workplaces. Under previous interim enforcement guidance published on April 10, OSHA had temporarily exempted most employers from determining whether a recorded case was “work-related,” defined…

Yesterday, the SBA and Treasury Department released the application for business owners in order to have their PPP loan forgiven. The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll…

In these uncertain and stressful times, it is important to have a contingency plan in place should you or a loved one become ill. We suggest thinking about the following items: A review of your estate planning documents, as some documents may require modification. For example, you probably don’t want your living will to prohibit intubation,…