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In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”), raising the debt limits for bankruptcy cases under the Small Business Reorganization Act (“SBRA,” a.k.a. “Subchapter V”)...more
UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to June 30, 2021. However, the SBA may not accept new...more
On March 27, 2021, President Biden signed the “COVID-19 Bankruptcy Relief Extension Act of 2021” to extend the expiration dates of certain bankruptcy provisions of the CARES Act to March 27, 2022. The original version of the...more
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021. The new law gives qualifying businesses and...more
On March 27, 2021, President Biden signed the “COVID-19 Bankruptcy Relief Extension Act”. The Legislation will extend personal and small business bankruptcy relief provisions that were part of last year’s CARES Act through...more
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
Congress recently extended the application deadline for the Paycheck Protection Program by five weeks, moving the deadline from June 30 to August 8. As of July 6, approximately $528 billion of PPP loan funds have been...more
The Small Business Administration’s Paycheck Protection Program has provided forgivable loans to businesses designed to maintain employment levels by covering payroll and other expenses during the COVID-19 crisis. While many...more
Eligible businesses will have an additional five weeks to apply for Paycheck Protection Program (“PPP”) loans, after President Trump signed a bill on July 4, 2020, extending the application deadline to August 8, 2020. The...more
On June 5, 2020, certain key provisions of the CARES ACT regarding the Paycheck Protection Program (PPP) were amended by passage of that certain Paycheck Protection Program Flexibility Act of 2020, as supplemented by those...more
The following information has been adapted from the Small Business Administration’s (SBA) Paycheck Protection Program Borrower Information Fact Sheet to provide information tailored for nonprofits. This document is for...more
The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the...more
On March 31, 2020, the IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Employee Retention Credits are fully refundable tax credits...more