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SBA

IRS Issues Guidance to Implement Presidential Memorandum Deferring Employee Social Security Tax Withholding

August 31, 2020 Earlier this month the President issued an order to the Secretary of the Treasury directing the Secretary to postpone the collection of the employee’s share of social security tax for certain wages. Specifically, the order provided that the collection of the social security taxes for wages paid between September 1, 2020 and December 31, 2020 …

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SBA issues Interim Final Rule (IFR) relating to less than 5% owners, rent paid to related parties and certain nonpayroll costs.

August 24, 2020 Owner-employees with < 5% interest Owner-employees of an S or C corporation with less than a 5% interest are not subject to the owner-employee compensation rule. Eligibility of amounts attributable to business operation of tenant or sub-tenant or household expenses eligible for forgiveness? No. Nonpayroll costs may not include any amounts attributable …

SBA issues Interim Final Rule (IFR) relating to less than 5% owners, rent paid to related parties and certain nonpayroll costs. Read More »

SBA Releases Long-Awaited Guidance on PPP Forgiveness in the form of Frequently Asked Questions

August 5, 2020 On August 4th, SBA released guidance regarding the Paycheck Protection Program (PPP) loan forgiveness. Critical takeaways include: General No payments on PPP loans are required until the forgiveness amount is known and submitted to the lender by the SBA. Interest accrues at 1% from the date of loan disbursement on any unforgiven …

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All Providers – HHS Releases Timeline for Provider Relief Fund Reporting

July 27, 2020 COVID-19 Response Team All Providers – HHS Releases Timeline for Provider Relief Fund Reporting HHS will issue the detailed instructions on reporting obligations by August 17, 2020 but in the interim is making all practices aware of the Post-Payment Reporting Requirements. Your practice is subject to these requirements if it received more …

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Medicaid and CHIP Providers May be Eligible for a Portion of the $15 Billion Distribution

June 25, 2020 The latest from the HHS website for Medicaid and CHIP providers: Medicaid and CHIP Distribution HHS expects to distribute $15 billion to eligible providers that participate in state Medicaid/CHIP programs or Medicaid managed care plans and have not yet received a payment from the Provider Relief Fund General Distribution allocation. How are …

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IRS Releases Notice Extending Repayment of Already Taken Required Minimum Distributions until Aug. 31, 2020

June 25, 2020 In IRS Notice 2020-51, the IRS announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts can take advantage of the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give …

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Self-Employed Persons – Understanding the Payroll Protection Program (PPP)

June 25, 2020 There are still a number of questions both under the original provisions and under the Flexibility Act but these insights will assist your planning. If you already have your PPP funds, we’ve identified insights for you. If you don’t have the funding yet, you must apply immediately to assure an SBA number …

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SBA Releases Revisions to Interim Final Rule and Revised PPP Forgiveness Application

Released Wednesday, June 17thThursday, June 18, 2020 The Small Business Administration (SBA), in conjunction with the US Treasury, has released revisions to the Interim Final Rule relating to the Paycheck Protection Program (PPP) and released two new PPP Loan Forgiveness applications. Our COVID-19 Response Team discusses the major updates, along with links to the revised PPP …

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The Paycheck Protection Flexibility Act Awaits the President’s Signature

June 3, 2020 On June 3, 2020, the Senate, by unanimous consent, cleared the bill the House passed on May 28th to extend the Paycheck Protection Program (PPP). The President is expected to sign the bill soon. The bill known as the Paycheck Protection Flexibility Act (H.R. 7010) includes the following provisions: Extends the PPP …

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