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New SBA Guidance
SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION 400 400 SAX - Advisory, Audit and Accounting

SBA IS SEEKING COMMENTS ON PROPOSED COLLECTION OF INFORMATION FOR PPP BORROWERS WITH LOANS OVER $2 MILLION

The SBA notice is seeking approval from the Office of Management and Budget for the information collection and allowing all interested members of the public an additional 30 days to provide comments on the proposed collection of information.   The deadline to submit comments is November 25, 2020.

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New SBA Guidance
SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION 400 400 SAX - Advisory, Audit and Accounting

SBA ISSUES LOAN NECESSITY QUESTIONNAIRES FOR PPP BORROWERS WITH LOANS OVER $2 MILLION

In an effort to gather supporting information behind Paycheck Protection Program (PPP) loans in excess of $2 million[1], the Small Business Administration (SBA) recently released the following questionnaires: Form 3509: Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers) Form 3510: Paycheck Protection Program Loan Necessity Questionnaire (Non-Profit Borrowers) These questionnaires, which will be administered by…

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November 5 Recovery Update: In-Depth Overview of the PPP Forgiveness Application 150 150 SAX - Advisory, Audit and Accounting

November 5 Recovery Update: In-Depth Overview of the PPP Forgiveness Application
PPP Loan
SBA Issues Procedural Guidance for Paycheck Protection Program Borrowers Considering a Change in Control 400 400 SAX - Advisory, Audit and Accounting

SBA Issues Procedural Guidance for Paycheck Protection Program Borrowers Considering a Change in Control

2020, to say the least, has been a tumultuous year.  Irrespective of size and location, businesses across all industries have been impacted by the COVID-19 pandemic.  However, as eloquently stated by the infamous showman P.T. Barnum, “The show must go on.”  Now more than ever, business owners have been forced to dig deep and flex…

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Relief
Governor Murphy unveils $100M in COVID-19 Relief for Businesses 400 400 SAX - Advisory, Audit and Accounting

Governor Murphy unveils $100M in COVID-19 Relief for Businesses

On Tuesday, October 13, New Jersey Governor Phil Murphy announced $100 million in relief will be available for businesses hit hard by the COVID-19 pandemic.  This aid is allocated from the state’s $2.3 billion CARES Act funding. The largest chunk – $70 million – will go to Phase 3 of the New Jersey Economic Development…

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Loan Forgiveness
SBA Issues New Forgiveness Guidance for PPP Loans of $50,000 or Less 400 400 SAX - Advisory, Audit and Accounting

SBA Issues New Forgiveness Guidance for PPP Loans of $50,000 or Less

On October 8, 2020, the Small Business Administration (SBA), in conjunction with the U.S. Treasury Department, issued its latest Interim Final Rule.  To streamline and simplify the loan forgiveness process, borrowers with Paycheck Protection Program (PPP) loans of $50,000 or less may now use Form 3508S to support their application for forgiveness.  It should be…

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Healthcare
Watch the Webinar: THE IMPACT OF COVID-19 ON HEALTHCARE PRIVATE EQUITY TRANSACTIONS 400 400 SAX - Advisory, Audit and Accounting

Watch the Webinar: THE IMPACT OF COVID-19 ON HEALTHCARE PRIVATE EQUITY TRANSACTIONS

Undoubtedly, COVID-19 has changed many aspects of our daily lives, but has it changed the value of your healthcare practice?  Even now with uncertainty roiling global public markets, a meaningful number of companies are realizing an increase in their market value.  It is safe to say uncertainty increases the perception of higher risk, but it…

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COVID-19 Impact on State and Local Taxes
Watch the Webinar: COVID-19 Impact on State and Local Taxes 400 400 SAX - Advisory, Audit and Accounting

Watch the Webinar: COVID-19 Impact on State and Local Taxes

State and local governments continue to address tax matters stemming from the COVID-19 pandemic.  In case you missed it, here is our webinar update on state and local taxes and the related adjustments to our economic lives. The discussion topics included: Residency and dual residency / double taxation resulting from use of vacation homes or…

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