PPP loans are subject to forgiveness to the extent that a borrower uses PPP funds for payroll costs and certain mortgage interest, rent and utility obligations during the 8 week period following loan disbursement.
By: Michael L. Iannitti The SBA has continued to issue additional guidance for borrowers and lenders on the Payroll Protection Program (PPP). Since publishing its initial rules in early April, further clarification has slowly trickled out on the often vague provisions of the CARES Act. Perhaps most significantly, the SBA has clarified the circumstances in …Read More
Join Strauss Troy attorney Theresa L. Nelson for a complimentary webinar as she shares guidance on recalling employees, OSHA and CDC guidelines, maintaining safe and healthy workplace practices, and more.
By: Theresa L. Nelson With recent news of easing stay-at-home orders, employers that have been operating with limited employees or that were closed due to COVID-19 need to evaluate the next steps for returning employees to work and opening operations. Any return-to-work plan must comply with all federal, state and local directives to ensure a …Read More
On April 9, 2020, the IRS issued another notice which expands the relief to additional returns and tax payments.
Do you have a high school senior? Join Dana Rolander, president of Midwest College Consulting, and Nancy Eigel-Miller, founder and director of 1N5 and a specialist in college financial aid, for a free webinar on navigating the college selection process during quarantine. In this April 13 webinar, you’ll get tips on revisiting financial aid and …Read More
An appeals court on Thursday reversed part of a judgment in favor of the Cleveland Botanical Garden in a years-long legal dispute over the deed that gave Wade Park to the city of Cleveland. The Wade descendants are pleased with the appeals court’s ruling and plan to keep pursuing the matter in court, said Matthew …Read More
By: Michael L. Iannitti Editor’s Note: Updated on April 3, 2020 with SBA Interim Final Rule On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law. Below is a summary of the terms concerning small business loans and other related provisions. Paycheck Protection Program A small business …Read More
Dear Client: You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the coming months to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. Here’s what you need to know about this program. Amount of payment. IRS will soon begin …Read More
By: Theresa L. Nelson The Department of Labor published regulations governing the Families First Coronavirus Response Act on April 1, 2020. While containing extensive explanations of terms and provisions throughout the entire FFCRA, one section is particularly noteworthy for small businesses. The language of the FFCRA provided that small private employers with fewer than 50 …Read More