Tax MonitorCoronavirus/COVID-19Additional Guidance on Paycheck Protection Program LoansApril 7, 2020 The Treasury Department has just issued additional guidance on the Paycheck Protection Program (PPP) loans. The entire FAQs are available here. The inclusion of benefits in the $100,000 compensation cap has been the source of many questions. The Q&A on this issue appears below for ease of reference. Question: The CARES Act excludes from the definition of payroll costs any employee compensation in… Late Breaking Updates About the CARES Act Paycheck Protection ProgramApril 3, 2020 The Treasury Department and Small Business Administration last night issued an interim final rule on the Paycheck Protection Program. The new rule includes updates on the applicable interest rate and documentation and due diligence requirements. The SBA released an updated application. Here is the final SBA Form 2483, which will be completed by the borrower and retained by the lender with the… The Ins and Outs of the CARE Act Paycheck Protection Program – What Lenders and Borrowers Need to KnowApril 1, 2020 The Paycheck Protection Program(“PPP”) in the CARE Act authorizes up to $349 billion dollars in forgivable loans. What do you really need to know to be a lender or a successful borrower under the PPP? Jackson Kelly’s lawyers have been sorting through the guidelines and available information and layering on years of experience in representing business to help guide our clients through the CARE… Employer What Ifs for COVID-19March 26, 2020 BEFORE YOU ACT ON EMPLOYEE BENEFITS BECAUSE OF COVID-19 STRESSORS, CONSIDER: If you are considering terminating your 401(k) plan to end contribution obligations. This could have adverse consequences since the “successor plan” rule in IRS regulations currently prohibits covering the same employees in a new plan for 12 months following the termination. A plan termination also requires full vesting… |
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