Business
Posted by:
Kendall A. Schnurpel
on September 4, 2020
In its monthly payroll industry teleconference held on September 3, 2020, the Internal Revenue Service (IRS) confirmed that the payroll tax deferral of the employee portion of the FICA tax described in IRS Notice 2020-65 is not required. Employers may choose to exercise the deferral option but are…
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Posted by:
Robert A. Greising, , and Corben A. Lee
on September 3, 2020
On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments (the “Amendments”) to the private placement definition of “accredited investor” in Regulation D under the Securities Act of 1933 (the “Securities Act”). The SEC’s primary objective of the Amendments is to…
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Posted by:
Kendall A. Schnurpel
on September 1, 2020
Background
In his “Memorandum for the Secretary of the Treasury,” dated August 8, 2020 (the “Memorandum”), President Trump directed the Secretary to defer the withholding, deposit, and payment of the employee portion of the FICA tax (i.e., the 6.2% social security tax) paid during the period of…
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Posted by:
Robert A. Greising and Corben A. Lee
on August 7, 2020
On August 4, 2020, the SBA issued guidance in the form of new FAQs regarding loan forgiveness applications for the Paycheck Protection Program. The guidance comes out in anticipation of the SBA accepting loan forgiveness applications beginning August 10, 2020. The FAQs mostly reinforce previously…
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Posted by:
Robert A. Greising and Corben A. Lee
on August 4, 2020
Small businesses that are interested in applying for a Payroll Protection Program loan (“PPP Loan”) have until this Saturday, August 8th, to submit their loan application. As of August 3rd, over $130 billion in PPP Loan funds are still available, and unless an extension from Congress is approved…
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Posted by:
Robert A. Greising and Corben A. Lee
on June 30, 2020
Last night, the United States Senate passed legislation by unanimous consent to extend the deadline for borrowers to apply for funds under the Paycheck Protection Program (“PPP”) from June 30, 2020, until August 8, 2020. The legislation will need to be passed in the House of Representatives and…
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Posted by:
Kendall A. Schnurpel and Sharon B. Hearn
on June 29, 2020
The Tax Cut and Jobs Act of 2017 (“TCJA”) added Section 4960 to the Internal Revenue Code (the “Code”), which imposes a new 21% excise tax on compensation paid by certain tax-exempt organizations and related parties (the “Excise Tax”). In December of 2018, the Internal Revenue Service (“IRS”)…
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Posted by:
Robert A. Greising and Corben A. Lee
on June 24, 2020
Did you really need those PPP funds? Did you spend 75% of your PPP funds on payroll costs, or wait, is that standard 60%? Did you lay off all of your employees and are hurrying to hire them back? What if they won’t come back? Do you need a few more weeks to spend your PPP funds on forgivable…
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Posted by:
Robert A. Greising and Corben A. Lee
on June 18, 2020
Late in the evening on Tuesday, June 16, 2020, the SBA published a revised Paycheck Protection Program Loan Forgiveness Application (“Application”) and the Paycheck Protection Program EZ Loan Forgiveness Application (“EZ Application”) and corresponding instructions. These replace the forgiveness…
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Posted by:
Robert A. Greising and Corben A. Lee
on June 11, 2020
The SBA issued additional guidance late in the day on June 10, 2020 through a further Interim Final Rule (“June 10 IFR”) that revises its First Interim Final Rule posted on April 2, 2020 to bring it into line with the changes authorized by the Paycheck Protection Program Flexibility Act (“PPPFA”)…
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Posted by:
Robert A. Greising and Corben A. Lee
on June 9, 2020
On June 8, 2020, the Federal Reserve Board (the “Fed”) issued a press release indicating that it will expand the terms of the Main Street Lending Program to allow more small and medium-sized businesses to apply. The changes to the program include: lowering the minimum loan size for certain loans…
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Posted by:
Robert A. Greising and Corben A. Lee
on June 8, 2020
The Paycheck Protection Program received extended life and expanded flexibility, when on June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). The Department of the Treasury and the Small Business Administration also issued a joint…
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