News & Analysis as of

Small Business Small Business Administration Internal Revenue Service

Whitman Legal Solutions, LLC

Court Decision Doesn’t Affect Corporate Transparency Act Requirements for Most Companies and Real Estate Investors

On March 1, 2024 a United States District Court in Alabama held in National Small Business United dba National Small Business Association v. Yellen (NSBA Case) that the Corporate Transparency Act (CTA) is unconstitutional. ...more

PilieroMazza PLLC

Weekly Update for Government Contractors and Commercial Businesses – November 2023 #4

PilieroMazza PLLC on

Small Business Administration (SBA) Press Release: SBA Announces Biden-Harris Administration’s Progress in Small Business Lending with End-of-Year Capital Program Numbers - On November 21, Small Business Administrator...more

Schwabe, Williamson & Wyatt PC

End of Transition Period for SBA Size Standard Calculation; Five Year Measurement Period ‎Now Required

This is a reminder that as of January 6, 2022, the Small Business Administration is requiring all small businesses to use a five-year period of measurement in determining their size under a revenue-based size standard. On...more

Miller Canfield

The Government's Use of Procedural Hurdles to Disallow Research Credit Refund Claims

Miller Canfield on

In two recent cases, the IRS has tried to defeat research credit refund claims on procedural grounds, rather than simply litigating whether the substantive nature of the asserted research meets the requirements of section 41...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

McGlinchey Stafford

Yes, I Can Deduct Expenses Paid With A Forgiven PPP Loan

McGlinchey Stafford on

Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we...more

Payne & Fears

Paycheck Protection Program Phase 2: What Businesses Need to Know

Payne & Fears on

Much of the publicity and scrutiny surrounding the recently enacted coronavirus relief bill attached to the Consolidated Appropriations Act of 2021 has been focused on the economic impact payments and supplemental...more

Ruder Ware

Paycheck Protection Program Loan Borrowers Will Find Deductions Under the Tree This Holiday Season

Ruder Ware on

On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more

ArentFox Schiff

Congress Passes Expanded Paycheck Protection Program (PPP) Including Second Draw

ArentFox Schiff on

The highly anticipated coronavirus relief package was passed by Congress late on December 21, 2020, and is expected to be signed into law in the coming days. As part of the coronavirus relief package, Congress has...more

Lowndes

IRS Doubles Down on Non-Deductibility of Expenses Paid with Forgivable PPP Loan Proceeds

Lowndes on

Back in May, I reported on the IRS’s issuance of Notice 2020-32, in which the IRS answered with a resounding "no" the question of whether businesses that used Paycheck Protection Program (“PPP”) loan proceeds to pay...more

Tonkon Torp LLP

Uncertain Thankfulness: A Tax Deduction Denied & PPP Loan Forgiveness

Tonkon Torp LLP on

Under the CARES Act, PPP loans given to affected borrowers were potentially eligible for forgiveness without cancellation of indebtedness income. To qualify, an affected borrower must certify that (i) “the uncertainty of...more

Fox Rothschild LLP

IRS Confirms Non-Deductibility Of Expenses Related To PPP Loans

Fox Rothschild LLP on

Businesses that reasonably anticipate that loans under the Paycheck Protection Program will be forgiven should be aware that they cannot claim a deduction for the eligible expenses paid or incurred during the 2020 taxable...more

Nossaman LLP

On-Demand Webinar | PPP Loan Forgiveness: Employment and Tax Issues for Borrowers

Nossaman LLP on

Introducing Nossaman's Employment BUZZ webinar series! Each month, our attorneys will cover a different topic of interest to employers, including tax, insurance, intellectual property and employment issues. These "quick hit"...more

Oberheiden P.C.

SBA Loan Fraud Defense—How to Defend Against an Indictment

Oberheiden P.C. on

Tips on Preparing to Defend Against Allegations of SBA Loan Fraud During the COVID-19 Crisis - Federal emergency relief legislation—including the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”)—has...more

Hahn Loeser & Parks LLP

SBA Publishes New Guidance On PPP Loan Forgiveness And Appeal Rights

The U.S. Small Business Administration (“SBA”) last week began accepting Paycheck Protection Program (“PPP”) loan forgiveness applications and published new guidance on the loan forgiveness process and a new appeals process. ...more

Vinson & Elkins LLP

Paycheck Protection Program Flexibility Act Makes Important Changes To The Loan Program

Vinson & Elkins LLP on

On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”). Though several Senators had raised concerns about the House bill, ultimately the Senate passed the...more

Verrill

PPP Math for the Self-Employed: And, Yes, There is Still Time

Verrill on

The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due to...more

Bracewell LLP

New Guidance: SBA Clarifies That Foreign Employees Must Be Counted for PPP

Bracewell LLP on

The Small Business Administration has clarified through newly-issued guidance that employees of foreign affiliates must be counted when determining the size of a business for eligibility under the Paycheck Protection Program....more

White and Williams LLP

IRS Issues Guidance on Tax Impact of PPP Loan Forgiveness Under the CARES Act

The Internal Revenue Service (IRS) recently issued Notice 2020-32 (Notice), which discusses the deductibility of expenses that are funded by a Paycheck Protection Plan (PPP) loan and the subsequent loan forgiveness. Section...more

Lowndes

IRS Clarifies Non-Deductibility of Expenses Paid With Forgiven PPP Loan Proceeds

Lowndes on

The Paycheck Protection Program (“PPP”) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses....more

Lewitt Hackman

IRS Announces Taxpayers May Not Claim Deduction for Expenses Paid by Forgiven PPP Loans

Lewitt Hackman on

Additional Paycheck Protection Program Guidance Announced - The Internal Revenue Service recently issued guidance stating taxpayers may not deduct otherwise deductible expenses that are paid with the proceeds of a Paycheck...more

Brooks Pierce

Federal And State Protections For Nonprofits Navigating The COVID-19 Pandemic

Brooks Pierce on

The COVID-19 pandemic creates a unique set of circumstances for nonprofits. Many of them are facing similar challenges to for-profit businesses — how to manage employees working remotely, dealing with declining revenue — but...more

Foley & Lardner LLP

CARES Act: Non-Profit Employers’ Obligation for Unemployment Benefits Reimbursement

Foley & Lardner LLP on

Under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), the federal government will pay 50% of the reimbursable unemployment benefits from March 13, 2020 through December 31, 2020 for those non-profit...more

ArentFox Schiff

IRS Clarifies Interaction of Payroll Tax Deferral with PPP Loan Forgiveness Under CARES Act

ArentFox Schiff on

On April 10, the Internal Revenue Service published responses to frequently asked questions with respect to the payroll tax deferral provisions of the CARES Act, including clarification that employers that take loans under...more

31 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide