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PPP - Get Ready - Again

On April 16, 2020, the $349 billion allocated for the Payroll Protection Program (“PPP”) authorized by the CARES Act had been fully allocated. Due to the wide-ranging success of the PPP, Congress is working towards expanding the program to replenish the funds. It has been widely reported that the…

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SBA Issues Additional Interim Guidance on Paycheck Protection Program Clarifying Treatment of Self-Employment and Partner Income

On April 14, 2020, the U.S. Small Business Administration (the “SBA”) issued a second interim final rule (the “Second PPP Interim Final Rule”) related to the Paycheck Protection program (the “PPP”) offered under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). This latest…

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IRS Provides Relief for Partnerships to File Amended Returns

On April 8, 2020, the IRS issued Rev. Proc. 2020-23 (“RP 20-23”) in response to provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  RP 20-23 allows eligible partnerships to file amended partnership returns for tax years beginning in 2018 and 2019 by filing a Form…

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Changes to Net Operating Loss Carryback Rules May Provide Opportunities

[Updated April 17, 2020] The IRS posted updated FAQ’s related to temporary procedures permitting refund claims, requested on Form 1045, Application for Tentative Refund, or Form 1139, Corporation Application for Tentative Refund,  to be submitted via fax to 844-249-6237. Only claims allowed under the…

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Insurance Coverage for COVID-19: Six Steps to Help Your Business Maximize Insurance Coverage That May Be Available to Offset COVID-19 Losses and Claims

The novel Coronavirus (COVID-19) pandemic creates unprecedented and significant challenges for businesses of all sizes. In light of the rapidly evolving circumstances, Krieg DeVault has assembled a COVID-19 Resource Center and Checklist to help your business navigate this crisis.  One important…

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The CARES Act: Benefits for Small Businesses

[UPDATED April 17, 2020] The Coronavirus Aid, Relief, and Economic Security Act (the “Act”) provides significant economic benefits to small businesses.  One change will significantly expand the Section 7(a) loan program to include the Payroll Protection Program (“PPP”) administered by the Small…

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Tax Day Postponed until July 15, 2020

On Friday, March 20, 2020, U.S. Treasury Secretary Steven Mnuchin announced that the annual federal income tax filing deadline would be moved back 90 days, from April 15th to July 15th, to provide taxpayers with additional time to prepare and file federal returns while dealing with the…

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COVID-19 Checklist for Businesses

[UPDATED APRIL 22, 2020] - The novel Coronavirus (COVID-19) pandemic creates unprecedented and significant challenges for businesses of all sizes. In light of the rapidly evolving circumstances, Krieg DeVault has assembled a checklist to help identify potential legal issues that your business…

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