On March 16, the House passed 415-13 H.R. 1799, the PPP Extension Act of 2021. The bill would extend the Paycheck Protection Program (PPP) loan application deadline to May 31 from March 31 and give the Small Business...more
3/19/2021
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With the Paycheck Protection Program (PPP) set to expire on March 31, lawmakers have struck a deal to extend the program for two months through the end of May. Leaders of the House Small Business Committee, Chair Nydia...more
On Feb. 8, House Ways and Means Committee Chair Richard Neal (D-MA) released text representing its portion of Democrats’ $1.9 trillion COVID-19 stimulus legislation, modeled after President Joe Biden’s American Rescue Plan....more
On Dec. 20, 2020, the House and Senate passed H.R. 133, the Consolidated Appropriations Act of 2021 (“CAA”), which includes a significant expansion of the Employee Retention Tax Credit (“ERTC”) through June 30.
The ERTC...more
On Dec. 20, the House and Senate passed H.R. 133, The Consolidated Appropriations Act of 2021. The bill includes a $900 comprehensive package to provide COVID-19 relief to businesses and individuals, including a second round...more
Last week, the Small Business Administration (SBA) began asking SBA Paycheck Protection Program (PPP) lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the...more
This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...more
What to Expect—the Next Economic Recovery Package -
Hear Ye, Here Ye! On Saturday, President Trump took executive action to defer payroll taxes, set up an assistance program for lost wages to supplement unemployment...more
On Monday, July 27, Senate Majority Leader Mitch McConnell (R-KY) released a $1 trillion stimulus package in response to the ongoing effects of the COVID-19 pandemic. The Brownstein Tax Policy Team has summarized the...more
On Monday, July 27, Senate Majority Leader Mitch McConnell (R-KY) released the Health, Economic Assistance, Liability and Schools (HEALS) Act—a $1 trillion stimulus package in response to the ongoing effects of the COVID-19...more
On June 22, House Democrats released the text of H.R. 2, the Moving Forward Act, a $1.5 trillion comprehensive infrastructure package. In addition to funding traditional infrastructure priorities—surface transportation, rail...more
The deadline to apply for the Paycheck Protection Program is fast approaching. The deadline to apply is Tuesday, June 30. Approximately $144 billion remains available, and the rush on the forgivable loans has slowed....more
Just as the federal government’s approach to the coronavirus is dynamic and evolving, so are the rules for small business loans made in response to the pandemic. On June 11 and June 12, 2020, the Small Business Administration...more
Last week, House Democrats unveiled and passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act, a $3 trillion stimulus package to address the effects of COVID-19 on businesses, state and local...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more
4/3/2020
/ Business Opportunities ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt Relief ,
Economic Injury Disaster Loans ,
Employee Benefits ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Liquidity ,
Net Operating Losses ,
Paid Leave ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Retirement Funds ,
SBA ,
Small Business ,
Tax Credits ,
Tax Deductions ,
Tax Deferral ,
Tax Relief ,
Unemployment Benefits ,
Wage and Hour
The CARES Act, which appropriated approximately $2 trillion to save the American economy, was written in just under a week, reflecting Congress’s bipartisan urgency in mitigating COVID-19’s economic toll on workers and...more
4/2/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits ,
U.S. Treasury
The Treasury Department released a document outlining the key terms of its negotiations on the upcoming third phase of the congressional economic stimulus package. Below are the terms as outlined by the department...more