House Bill 4087* (H.4087) advances income tax credits for corporate headquarters, recycling facilities, job development and retraining by amending the South Carolina Code of Laws to update portions of the South Carolina...more
S.C. Department of Revenue (“SCDOR”) Information Letter #24-6 addresses recent amendments to the South Carolina Abandoned Buildings Revitalization Act (the “Act”). The Act was enacted in 2013 to incentivize the...more
The HSB Economic Development team published their December 2023 news update, highlighting the following topics:
2024 County Tiers Set for JTCs, Fee in Lieu and Tax Moratorium-
Each year, South Carolina's 46 counties are...more
The HSB Economic Development team published their June 2022 news update, highlighting the following topics:
Big Changes to South Carolina Property Taxes and Incentives-
The big political news in South Carolina this June...more
6/16/2022
/ Abatement ,
Economic Development ,
Furloughs ,
GASB ,
Income Taxes ,
Non-Residents ,
Property Tax ,
Remote Working ,
State and Local Government ,
State Budgets ,
Tax Revenues
The HSB Economic Development team published their January 2022 news update, highlighting the following topics:
2022 County Tiers Set for JTCs, Fee in Lieu and Tax Moratorium=
Each year, South Carolina's 46 counties are...more
1/21/2022
/ Agribusiness ,
Agricultural Sector ,
Capital Markets ,
Department of Revenue ,
Economic Development ,
Economic Revitalization Plan ,
Income Taxes ,
Inflation Adjustments ,
Manufacturers ,
Minimum Wage ,
Ports ,
Shipping Cargo ,
State and Local Government ,
Tax Credits ,
Wages
Following the adoption of the Paycheck Protection Program Flexibility Act (PPP Flexibility Act), the Small Business Administration (SBA) has released a revised loan forgiveness application, a simplified loan forgiveness...more
On Thursday, June 11, 2020, the Small Business Administration (SBA) issued an update to its initial interim final rule on the Paycheck Protection Program (PPP), which was originally enacted as part of the CARES Act on March...more
On Wednesday evening, the U.S. Senate passed the Paycheck Protection Program Flexibility Act (the “Act”), which amends the CARES Act to provide businesses with greater flexibility in the use of PPP funds. President Trump...more
One week after issuing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, summarized here, the Small Business Administration (SBA) issued two interim final rules on May 22, 2020 addressing loan...more
The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”) together with instructions (the “Instructions”), on May 15, 2020.
The Application...more
The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”), together with instructions (the “Instructions”), on May 15, 2020.
The Application...more
5/18/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
U.S. Treasury
The Treasury Department has released an update to its FAQs on the Paycheck Protection Program on the morning of May 13, 2020 to address the good-faith certification issue.
The full text of the new FAQ is below. In...more
In recent weeks in our respective practices in the US and the UK, we have seen unprecedented client interest in the urgent response of policy makers to the economic crisis in support of employers and jobs.
This article...more
Late on Tuesday, May 5, 2020, the US Treasury Department extended the deadline for a safe harbor repayment of PPP loan funding from May 7 to May 14 and promised additional guidance on how the Small Business Administration...more
The United States Senate passed a bill on Tuesday, April 21, to increase the $349 billion cap under the Paycheck Protection Program (PPP). The “Paycheck Protection Program and Health Care Enhancement Act” would add another...more
On March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a historic $2 trillion stimulus package to provide financial assistance to individuals and businesses. One of the most...more
The Small Business Administration (SBA) issued an interim final rule on Thursday, April 2, to facilitate implementation of the Paycheck Protection Program, one of the hallmarks of the CARES Act signed into law on Friday,...more
On March 6, Congress signed into law the Coronavirus Preparedness and Response Supplemental Appropriations Act. The act declared the coronavirus (COVID-19) outbreak a disaster under the Small Business Act, therefore opening...more
What is GASB 77 and why does it exist?
GASB 77 is an accounting pronouncement applicable to the financial statements of state and local governments. In order for their financial statements to be prepared in accordance with...more