news & Press

While not the news borrowers were hoping for, on November 18, 2020, the Internal Revenue Service issued Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to provide clarity in situations where the receipt of Paycheck Protection Program (PPP) loan proceeds and the SBA decision on PPP loan forgiveness occur in different years.  Both forms of the…

On Tuesday, October 13, New Jersey Governor Phil Murphy made $100 million in relief available from the state’s $2.3 billion in CARES Act funding for businesses hit hard by the COVID-19 pandemic.  $70 million went to Phase 3 of the New Jersey Economic Development Authority’s (NJEDA) Small Business Emergency Assistance Grant Program which included $35…

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.

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…

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…