COVID-19: Business and Employment Update Main Street Lending Program (MSLP) Eligible Businesses: up to 10,000 employees or up to $2.5 billion in 2019 annual revenues Loans capped at $25 million, with a term of four years that includes an automatic one-year deferral Includes compensation, stock repurchase, and capital distribution restrictions More information is available here: https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a7.pdf NY Executive Order [...]

IMPORTANT UPDATE:  SBA Affiliation Rules for PPP Loans  The U.S. Small Business Administration (SBA) has released additional guidance regarding certain affiliation rules applicable to the implementation of the Paycheck Protection Program.  Please see the links below for details.  PPP Interim Final Rule on Affiliation:  https://home.treasury.gov/system/files/136/SBA%20IFR%202.pdf  PPP Applicable Affiliation Rules:  [...]

IRS Issues COVID-19 Related Tax Credit Details and Instructions  The IRS has issued an overview of COVID-19 related tax credits for small and midsize businesses, the paid sick leave refundable credit, the paid family leave refundable credit, and payment of the sick and family leave credit. The IRS included an extensive FAQ list for these credits, including information on how to claim these credits.  For more information, please see: [...]

IMPORTANT UPDATE: SBA Issues Guidance Regarding Implementation of Paycheck Protection Program  The U.S. Small Business Administration (SBA) has released an interim final rule on the Paycheck Protection Program (PPP) established by the CARES Act.  The interim final rule outlines the key provisions of the PPP, and contains important guidance about its implementation.     Some of the highlights include the following: Loans are first-come, first-served, so [...]

IMPORTANT UPDATE REGARDING SMALL BUSINESS LOANS UNDER THE CARES ACT  The U.S. Department of Treasury issued guidance on March 31, 2020 regarding the $349 billion dollar Payment Protection Program (PPP) established by the CARES Act.  The legislation provides for job retention loans to cover eight weeks of payroll and certain qualified expenses for overhead.  The applications are expected to be accepted starting on April 3, 2020.  Applications can be submitted to participating [...]