coronavirus

PPP Guidance- What if a laid-off employee refuses to come back to work?

The SBA has issued clarification on this issue. Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES Act and SBA’s implementing rules and guidance) be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer? Answer: No. As an …

PPP Guidance- What if a laid-off employee refuses to come back to work? Read More »

If your business is too large to qualify for PPP and EIDL

If your company was too big to qualify for the PPP and EIDL loans, these new loans (MSNLF and MSELF )may be  possibilities. They are slightly different programs: MSNLF loans max at lesser of $25 million or 4X 2019 EBITDA; MSELF maxes at lesser of $150 million, 30% or borrower’s existing outstanding and committed but …

If your business is too large to qualify for PPP and EIDL Read More »

Overview of Cares Act sent to clients April 2, 2020

The CARES Act which was passed last week by Congress and signed by the President has a number of provisions that effect you and your business. I’ll try the summarize the most relevant and timely issues here. This is a broad overview – some may not be relevant to you/your business but I hope to …

Overview of Cares Act sent to clients April 2, 2020 Read More »

Filing date is now extended to July 15, but please note the following

Treasury Secretary Mnuchin announced this morning (March 20, 2020) that the filing date for 2019 individual tax returns has been moved to July 15, 2020. You will not incur penalty or interest if the return is filed and paid by then. It appears that C corporations for calendar year 2019 are included in this announcement. …

Filing date is now extended to July 15, but please note the following Read More »

Coronavirus update – March 17, 2020

In a press conference on March 17, 2020, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their income tax payments for the 2019 filing year for 90 days due to the coronavirus pandemic. During that time, the IRS will not charge interest or penalties. Limitations: Individuals can defer up to $1 million …

Coronavirus update – March 17, 2020 Read More »