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…
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…
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…
[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…
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…
[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…
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…
[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…
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…
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…
[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…
So-called force majeure clauses typically are contained in contracts to excuse performance by the parties for acts of God, impossibility of performance, disaster, and other circumstances beyond the control of the parties. This clause may have…
