Stabilize Your Business
The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application. Within the application is additional guidance that confirms or clarifies the information we already knew or suspected about how loan forgiveness will be calculated and achieved.
Paycheck Protection Program borrowers of $2 million or greater in original loan size now have until May 18, 2020 to return the loan funds if they cannot certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.”
The Treasury has released more guidance on the Paycheck Protection Program (PPP) certification requirement. The PPP application requires borrowers to certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.”
Insights by Industry
Now that the SBA has released its application and guidelines for requesting Paycheck Protection Program (PPP) loan forgiveness, all eyes will be set on documenting and securing this essential business relief. Join Grassi's Emergency Loan Consulting team on Thursday, May 21, as they break down the guidance.
The travel restrictions and lockdown measures adopted by most countries could trigger critical tax implications on individuals, as well as their companies and trusts. Join Siniscalco & Partners, Grassi, and INSME for a live webinar on Wednesday, May 20 as we discuss the case law, international tax treaties, domestic rules and new OECD guidance around this unprecedented tax situation.
As most businesses remain in lockdown due to the COVID-19 pandemic, business owners have many questions about when and how they will ever reopen. Our Contruction and Healthcare Consulting professionals provide their insights into what contractors can do now to prepare to restart their operations and workforces later.
The IRS has ruled that the payment of allowed expenses funded by forgiven Paycheck Protection Loan funds will not be tax-deductible because disallowing the deductibility of these expenses “prevents a double tax benefit."
Q&A with Lisa Rispoli, Trust & Estate Services Leader
As you respond to the immediate impact of the COVID-19 pandemic, planning for the future impact of your trust and estate strategies may be the farthest thing from your mind. While it may go against your instincts to make any financial moves during times of uncertainty, today’s environment may actually be an ideal window of opportunity to develop or re-evaluate your gifting, trust and estate plans.
The Coronavirus Relief, Aid and Economic Security (CARES) Act allows business to carry back net operating losses (NOLs), a tax strategy that was eliminated in the Tax Cuts and Jobs Act of 2017.