May 14, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Not-for-Profit, Private Equity-SBICs and Venture Capital, Tax News
Late Wednesday, May 13, the SBA added new FAQ #47 to their updated PPP Loan Guidance that PPP loans of less than $2 million will be deemed to have been made in good faith. Click here to view MCB’s article on FAQ #46. FAQ #47 is copied below, and simply states that...
May 13, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Not-for-Profit, Private Equity-SBICs and Venture Capital, Tax News
The SBA, in consultation with the Treasury Department, has just issued new PPP Loan Forgiveness Guidance and FAQs as of May 13, 2020. Specifically, FAQ #46 addresses concerns whether businesses should return PPP funds by the May 14 deadline. FAQ #46 states that “any...
May 8, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Not-for-Profit, Private Equity-SBICs and Venture Capital, Tax News
As SBA guidance on Paycheck Protection Program loan requirements is complex, many small businesses have been trying to reconcile a myriad of questions surrounding program details. For example, the requirement to achieve maximum loan forgiveness — that 75...
May 6, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Not-for-Profit, Private Equity-SBICs and Venture Capital, Tax News
The Paycheck Protection Program (PPP) is a U.S. Small Business Administration (SBA) guaranteed loan designed to help small businesses keep their workforce on the payroll during the COVID-19 crisis. The program provides low interest loans with quick access to funds...
Apr 27, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Not-for-Profit, Private Equity-SBICs and Venture Capital, Tax News
The SBA on April 24 issued FAQs on how to calculate maximum amounts for PPP loans. The FAQs include detailed instructions for the following situations: Self-employed persons with no employees Self-employed persons with employees Self-employed...
Apr 24, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Not-for-Profit, Private Equity-SBICs and Venture Capital, Tax News
Revenue Procedure 2020-24 provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for: Waiving the carryback period in the case of a net operating loss arising in a taxable year beginning after Dec....
