Tax MonitorCoronavirus/COVID-19Borrowers now have an appeal process when adversely impacted by PPP loan reviewsAugust 13, 2020 The Small Business Administration (SBA) has issued a rule providing a limited appeal process under the Paycheck Protection Program (PPP) for borrowers adversely impacted by SBA reviews. The appeal process is available only after the SBA has engaged in a review of a PPP loan and only for a limited number of issues. On August 11, 2020, the SBA issued an interim final rule titled “Appeals of SBA Loan… SBA issues PPP Loan Forgiveness FAQsAugust 6, 2020 As the August 10, 2020 date for the Small Business Administration (SBA) to begin processing forgiveness applications for loans made under the Paycheck Protection Program (PPP) approaches, the SBA has issued “Paycheck Protection Program Frequently Asked Questions (FAQs) on PPP Loan Forgiveness.” The FAQs address general forgiveness questions as well as questions related to payroll, non-payroll and… SBA forgiveness portal to go live August 10July 24, 2020 The Small Business Administration (SBA) announced its intention to launch a loan forgiveness portal for lenders on August 10, 2020. Loans made by lenders under the Paycheck Protection Program (PPP) to qualified borrowers may be forgiven in whole or in part if certain certifications as to the use of the loan proceeds are satisfied. While the SBA has issued forgiveness application forms and… Reg. O exemption for PPP loans extended to August 8, 2020July 16, 2020 The Federal Reserve has issued a final rule extending Regulation O exemptions for PPP loans made by a bank to its directors or other insiders to August 8, 2020.1 The new rule continues the exemptions contained in a prior rule issued on April 17, 2020. The prior rule expired on June 30, 2020. Regulation O generally limits the terms and amounts for credit extended to a bank’s insiders. These limits… Paycheck Protection Program (PPP) loan deadline extended to August 8July 6, 2020 On the fourth of July, the President signed Senate Bill 4116 into law. The new law extends the deadline for submitting an application for a Paycheck Protection Program (PPP) loan to August 8, 2020. The PPP loan application deadline had previously expired on June 30, 2020. The new law reopens the program established under the CARES Act and modified by the PPP Flexibility Act. PPP FAQ 49 added to 6/25/2020 updateJune 26, 2020 On June 25, 2020, the Small Business Administration in consultation with the Treasury updated its Frequently Asked Questions (FAQ) to add Question 49. It confirms that the previously issued rules regarding the maturity dates of PPP loans. SBA’s Twenty-Second IFR Addresses PPP guidance for Commercial Fishing Boat Owners and CrewmembersJune 26, 2020 Last night the SBA issued its 22nd IFR addressing the treatment of PPP forgiveness for commercial fishing boat owners and crewmembers working on the boats that are considered independent contractors or self-employed for certain tax purposes under 26 U.S.C. 3121(b)(20) of the Internal Revenue Code. If the boat owner included payments to crewmembers in a PPP loan, the boat owner can treat the… SBA Refines Ineligibility Standards for FeloniesJune 25, 2020 The Small Business Administration (SBA) has continued to refine the nature of a business owner’s criminal history that will make the business ineligible for a loan under the Paycheck Protection Program (PPP). On June 24, 2020, the SBA issued its 21st Interim Final Rule related to the PPP program: Business Loan Program Temporary Changes; Paycheck Protection Program-Additional Eligibility Revisions… SBA updates PPP forgiveness and loan review rulesJune 24, 2020 As we approach the June 30, 2020 deadline for applying for a loan under the Paycheck Protection Program (PPP) the regulatory focus is shifting from eligibility issues to loan forgiveness and loan review. The latest interim final rule from the Small Business Administration (SBA) revises previously issued rules to reflect program changes required by statute and provide additional direction to… TAKE AWAYS FROM A RECENTLY FILED LAWSUIT AGAINST A 401(k) POOLED PLAN TRUSTEEJune 23, 2020 A recent lawsuit filed in Rhode Island against a Trustee demonstrates the issues faced by plan Administrators in responding to extraordinary circumstances. Our goal is to arm you with the best defense possible when similar issues arise in your plan Administration. The Rhode Island Lawsuit Plaintiffs filed a lawsuit in response to an Administrator adopting an alternate valuation date in response to… SBA’s Nineteenth IFR amends PPP guidance for self-employed borrowersJune 18, 2020 The Paycheck Protection Program Flexibility Act (Flexibility Act) modified the Paycheck Protection Program (PPP) and associated forgiveness established by the CARES Act. The modifications expanded the amount of potentially forgivable payroll expense per employee from $15,385 to $46,154. By interim final rule, the Small Business Administration (SBA) has limited the maximum forgivable owner… SBA softens PPP eligibility requirement for non-dishonesty felonies and issues a revised applicationJune 15, 2020 The Small Business Administration (SBA) has softened the qualified eligibility limits for borrowers with owners with charges or convictions of a felony. This change in eligibility requirements accompanies the issuance of a revised PPP application that complies with the Paycheck Protection Program Flexibility Act (Act). On Friday, June 12, 2020, SBA published its eighteenth interim final rule… |
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