Business
Posted by:
Robert A. Greising and Corben A. Lee
on May 17, 2020
On Friday, May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (“Application”) and Instructions. To access the Application and instructions please click here. The Application provides much needed guidance on the process by which borrowers will ultimately…
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Posted by:
Robert A. Greising and Corben A. Lee
on May 12, 2020
[UPDATE MAY 13, 2020] - Welcome guidance was issued today by the Small Business Administration (SBA) in the form of FAQ #46 regarding a borrower’s certification of the necessity of a loan under the Paycheck Protection Program (PPP). The guidance provides a safe harbor for PPP loans with an original…
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Posted by:
Robert A. Greising and Corben A. Lee
on May 5, 2020
UPDATED - The Small Business Administration issued guidance on May 5th that extends until May 14, 2020 the safe harbor for returning the PPP loan proceeds. Our alert first published on April 30, 2020 has been updated to reflect this and to add some other guidance on the issue of “necessity.”
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Posted by:
Brian M. Heaton and Micah J. Nichols
on May 4, 2020
Governor Eric Holcomb recently signed Executive Order 20-23, which provides further relief for Indiana businesses in light of COVID-19. A. Remote Annual Meetings for Corporations and Meetings for Nonprofit Organizations Remote annual meetings of shareholders are now authorized during the…
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Posted by:
Kendall A. Schnurpel
on May 3, 2020
Guidance continues to be issued by various governmental agencies regarding the Paycheck Protection Program (the “PPP”) established by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). On April 30, 2020, the Internal Revenue Service (“IRS”) issued new and supplementary…
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Posted by:
Robert A. Greising and Corben A. Lee
on April 30, 2020
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…
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Posted by:
Robert A. Greising and Corben A. Lee
on April 29, 2020
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…
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Posted by:
Robert A. Greising and Corben A. Lee
on April 20, 2020
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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Posted by:
Kendall A. Schnurpel and Robert A. Greising
on April 15, 2020
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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Posted by:
Kendall A. Schnurpel
on April 15, 2020
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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Posted by:
Kendall A. Schnurpel
on April 15, 2020
[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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Posted by:
Kendall A. Schnurpel
on April 2, 2020
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…
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