news & Press

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)…

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…

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.

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…

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.