On April 29, 2020, the Federal Reserve Board (the “Fed”) announced that it was expanding the Main Street Lending Program due to public feedback to expand its scope and eligibility and to create a new loan option. Unfortunately while the program has expanded, the Fed has still not announced an…
Participants in the Paycheck Protection Program (“PPP”) established by the CARES Act face an upcoming fork in the road. Those that have received funding under the PPP may be half-way through the eight week period to expend funds that will be eligible for forgiveness. But recent guidance calls for…
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…
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…
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…
[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…
On March 30, 2020, the IRS issued a new tax form, and related instructions, for employers seeking to obtain advance payments of three new tax credits established under the Families First Coronavirus Response Act (“Families First Act”) and the Coronavirus Aid, Relief and Economic Security Act…
[UPDATED APRIL 17, 2020] On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “Act”) which provides significant economic benefits to small businesses. Two of the most economically beneficial programs available to small businesses are the Economic…
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…
[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…
The Coronavirus Aid, Relief, and Economic Security Act (the “Act”) modifies the Internal Revenue Code to provide significant tax relief to businesses and individuals in response to the COVID pandemic. This alert summarizes the key aspects of these tax changes.
Business Tax Provisions …
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…
