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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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Additional PPP Certification Requirements
Additional PPP Certification Requirements 400 400 SAX - Advisory, Audit and Accounting

Additional PPP Certification Requirements

In a continuing effort to clarify the questions and uncertainties surrounding the Payroll Protection Program (PPP), the SBA issued another set of FAQs on Thursday, April 23, 2020.

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Weekly Update. April 30th
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 Friday, the “Paycheck Protection Program and Health Care Enhancement Act” was signed into law.  Dubbed as “CARES 2”, the Act provides a second round of federal stimulus funding that appropriates $310 billion to the Paycheck Protection Program (PPP), $50 billion for the Economic Injury Disaster Loan (EIDL) Program, and an additional $10 billion for…

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Funding Alert
Alert: More Funding Added Under “CARES 2” for Businesses Impacted by COVID-19 400 400 SAX - Advisory, Audit and Accounting

Alert: More Funding Added Under “CARES 2” for Businesses Impacted by COVID-19

The President signed the “Paycheck Protection Program and Health Care Enhancement Act” on April 24, 2020. The Act dubbed as “CARES 2” provides for additional funding to the tune of $484 billion broken out as such: Paycheck Protection Program (PPP) – $310 billion Economic Injury Disaster Loan (EIDL) Program – $60 billion Department of Health…

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State and Local Tax impact and Implications From COVID-19
WATCH THE WEBINAR: STATE AND LOCAL TAX IMPACT AND IMPLICATIONS FROM COVID-19 400 400 SAX - Advisory, Audit and Accounting

WATCH THE WEBINAR: STATE AND LOCAL TAX IMPACT AND IMPLICATIONS FROM COVID-19

The COVID-19 pandemic has significantly impacted the fiscal conditions in our states, and taxing jurisdictions are responding with mitigating actions to provide relief to businesses and individuals alike, while protecting employees with work from home (WFH) orders. Join Sax and the firm’s State and Local Tax Practice for a recorded webinar presentation that dives into…

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