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To embed, copy and paste the code into your website or blog: After months of stalled negotiations, Congress has passed sweeping new COVID-19 relief legislation that, among other things, revitalizes and revises the Paycheck Protection Program. The new legislation reopens the program to first time borrowers, provides greater flexibility for how borrowers may use PPP funds and also adds a mechanism by which businesses that already received a PPP loan will be able to take advantage of a new round of “second draw” funding. Notably, the new legislation reiterates and clarifies the safe harbor ...

To embed, copy and paste the code into your website or blog: H.R. 133 was recently passed by Congress. Under the CARES Act, many businesses were able to receive Paycheck Protection Program loans. If the proceeds were used to pay employee compensation and otherwise meet requirements, the debt is forgiven and need not be repaid. Until now, it was understood that such loan forgiveness would not give rise to gross income for the affected businesses. However, the government was taking the position that if the funds were spent on deductible expenses such as pay for its workers, the business could n...

Wednesday, December 23, 2020 After months of stalled negotiations, Congress has passed sweeping new COVID-19 relief legislation that, among other things, revitalizes and revises the Paycheck Protection Program. The new legislation reopens the program to first time borrowers, provides greater flexibility for how borrowers may use PPP funds and also adds a mechanism by which businesses that already received a PPP loan will be able to take advantage of a new round of “second draw” funding. Notably, the new legislation reiterates and clarifies the safe harbor provision for lenders....

To embed, copy and paste the code into your website or blog: Congress passed a wide-ranging COVID-19 stimulus package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses. If signed into law, the stimulus package will address two areas of importance to small businesses: the Families First Coronavirus Response Act (FFCRA) and the Paycheck Protection Program (PPP). Families First Coronavirus Response Act Partially Extended Congress declined to extend the mandatory leave requirements of the FFCRA in the stimulus package but did allow companies to continue to...

To embed, copy and paste the code into your website or blog: In its massive new pandemic relief and stimulus package, Congress has significantly modified the Paycheck Protection Program (PPP) to allow for second draws from the program, to simplify the loan forgiveness process, to provide restaurants access to greater relief and to extend the program through March 2021. The law also includes economic disaster grants and debt relief provisions, as well as bolstering the Small Business Administration’s existing Microloan Program. The Coronavirus Response and Relief Supplemental Appropriations ...