Page 4 - First Draw News Today

To embed, copy and paste the code into your website or blog: If you filed your 2020 tax return prior to December 27, 2020 when the Consolidated Appropriations Act of 2021 (the “CAA”) was enacted and therefore did not deduct certain expenses due to your Paycheck Protection Program (“PPP”) loan, good news has arrived from the IRS! On April 22, 2021 the IRS released Revenue Procedure 2021-20, which provides certain taxpayers that received a first draw PPP loan with a safe harbor to claim a...

[co-author: Craig Stetson * ] In our last post on this topic, we touched on how the acceptance, use, and forgiveness of Paycheck Protection Program (“PPP”) loans can be viewed in the context of a Defense Contract Audit Agency (“DCAA”) audit. This post focuses on audits and investigations involving PPP loans. Close scrutiny of PPP loans is not a prediction; it is reality. The Small Business Administration (“SBA”) has announced it will audit all PPP loans in excess of two million doll...

KAREN FRIEL The COVID-19 pandemic continues to make its impact known on small businesses, employees, and Mountain State residents as a whole. There are many financial relief options available to help businesses remain open and employees to continue to receive their paychecks. The Paycheck Protection Program (PPP) remains by far the largest financial relief program ever endeavored by the United States. And there is still time to apply. For the average business owner, trying to understand the pro...

The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “ CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among other provisions, the CARES Act allowed Congress to authorize the Small Business Administration (“ SBA”) to temporarily guarantee forgivable loans under a new 7(a) loan program titled the Paycheck Protection Program (“ PPP”). On December 27, 2020, the Economic ...

On January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“ Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Tempor...

Overview On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” (“Economic Aid Act”). The Economic Aid Act made available approximately $284.5 billion in new Paycheck Protection Program (“PPP”) funding and reopened the PPP for first- and second-draw loans on terms that are generally favorable to microbu...

To print this article, all you need is to be registered or login on Mondaq.com. The Small Business Administration (SBA) has announced that the long awaited Shuttered Venue Operators Grant (SVOG) Application Portal will open and begin accepting applications for eligible applicants starting April 8, 2021. Applicants can find the SVOG Application Portal here, the SVOG Application Checklist here, and the draft SVOG Application here, which is subject to change. To further ass...

Overview On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” (“Economic Aid Act”). The Economic Aid Act made available approximately $284.5 billion in new Paycheck Protection Program (“PPP”) funding and reopened the PPP for first- and second-draw loans on terms that are generally favorable to microbu...

To print this article, all you need is to be registered or login on Mondaq.com. After the Paycheck Protection Program (the "PPP") was established in The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020, debtors in bankruptcy cases applied for PPP loans. The Small Business Administration (the "SBA”) opposed PPP loans for debtors, and courts were split as to whether the SBA could block debtors from qualifying for and rec...

by David Snedeker, Northeastern Vermont Development Association As you have likely heard there will be funding for local governments in the American Rescue Plan Act passed by Congress and signed into law. Your can find the bill here: American Rescue Plan Act . Title IX, Part 8, Subtitle M, Section 9901, Sections 602 and 603 are the most relevant Here, but there are a number of community services that are supported throughout the bill that may not be municipal in nature, but which will support c...