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New SBA Guidance
New SBA PPP Guidance: Partnerships May Be Eligible to Increase Existing PPP Loans 400 400 SAX - Advisory, Audit and Accounting

New SBA PPP Guidance: Partnerships May Be Eligible to Increase Existing PPP Loans

The SBA issued an additional Interim Final Rule on May 14, 2020.  This latest Interim Final Rule includes a provision that allows qualifying partnerships to increase the amount of their existing PPP loans for the self-employment income of partners that was excluded from the initial loan application. Due to the initial confusion regarding whether the…

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Real Estate
WATCH THE REAL ESTATE WEBINAR: ACCELERATING CASH FLOW THROUGH COVID-19 TAX PROVISIONS FOR OWNERS & OPERATORS 400 400 SAX - Advisory, Audit and Accounting

WATCH THE REAL ESTATE WEBINAR: ACCELERATING CASH FLOW THROUGH COVID-19 TAX PROVISIONS FOR OWNERS & OPERATORS

We invite you to watch our informative Real Estate webinar as we review the specific tax provisions and incentives in the CARES Act that benefit owners and operators.

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PPP
PPP Certification Requirements Update: Deadline to Return Funds Extended to May 18, 2020 600 600 SAX - Advisory, Audit and Accounting

PPP Certification Requirements Update: Deadline to Return Funds Extended to May 18, 2020

The Paycheck Protection Program (PPP) certification requirements have been front and center in the minds of potential borrowers. To recap, SBA FAQ #31 augments the existing borrower good faith certification that is required as part of the application process.  While borrowers still must certify that “current economic conditions make necessary the loan request to support the…

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Heroes Act
House of Representatives Unveils The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act 400 400 SAX - Advisory, Audit and Accounting

House of Representatives Unveils The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act

On May 12, 2020, the House of Representatives released a $3 trillion, phase four economic relief package.  Dubbed “The HEROES Act”, The Health and Economic Recovery Omnibus Emergency Solutions Act is aimed at protecting and preserving households, workers and state and local governments. Highlights of the package include: Extension of the Paycheck Protection Program (PPP)…

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PPP
PPP Certification Requirements Update: Deadline to Return Funds Extended to May 14, 2020 600 600 SAX - Advisory, Audit and Accounting

PPP Certification Requirements Update: Deadline to Return Funds Extended to May 14, 2020

The Paycheck Protection Program (PPP) certification requirements have been front and center in the minds of potential borrowers.  To recap, the SBA’s recently released FAQ #31 augments the existing borrower good faith certification that is required as part of the application process.  While borrowers still must certify that “current economic conditions make necessary the loan…

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Federal Reserve
Main Street Lending Program: Federal Reserve Updates Terms, Increasing Funding Availability and Borrower Eligibility 400 400 SAX - Advisory, Audit and Accounting

Main Street Lending Program: Federal Reserve Updates Terms, Increasing Funding Availability and Borrower Eligibility

On April 9, 2020, the Federal Reserve released terms surrounding the Main Street Lending Program, part of a historic $2.3 trillion loan and liquidity package designed to aid households and small businesses, as well as state and local governments.

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May 7 Weekly Update
Weekly Update on Preparing for Recovery: Loan Options and Forgiveness Strategies 400 400 SAX - Advisory, Audit and Accounting

Weekly Update on Preparing for Recovery: Loan Options and Forgiveness Strategies

On April 30, 2020, the IRS provided much awaited clarity surrounding the federal tax implications of funds received under the Paycheck Protection Program (PPP).  Specifically, the IRS has confirmed that federal tax deductions are disallowed in situations where the expenses are paid for with forgiven funds received under Section 1106 of the CARES Act.  …

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PPP
PPP Update: IRS Provides Guidance Regarding the Tax Deductibility of Expenses Paid with PPP Funds 600 600 SAX - Advisory, Audit and Accounting

PPP Update: IRS Provides Guidance Regarding the Tax Deductibility of Expenses Paid with PPP Funds

On April 30, 2020, the Internal Revenue Service (IRS) released Notice 2020-32, providing clarity surrounding the federal tax implications of funds received under the Paycheck Protection Program (PPP).  Specifically, the IRS has confirmed that federal tax deductions are disallowed in situations where the expenses are paid for with forgiven funds received under Section 1106 of…

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