President Trump Signs an Executive Order and Three Memoranda to Provide or Extend COVID-19 Relief to Individuals and Businesses

On Saturday, August 8, 2020, President Trump issued an Executive Order and three Memoranda to provide or extend COVID-19 relief to individuals and businesses.  Although the Executive Orders are not currently operational, at Tarlow, we feel that it is important for us to communicate this update. Payroll Tax Deferral The Executive Order directs the Secretary […]

Important Reminder from Tarlow: The Deadline to Apply for a Paycheck Protection Program Loan is Saturday, August 8, 2020

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. The PPP resumed accepting applications on July 6, 2020, in response to President Trump signing the program’s extension legislation. As an important reminder from Tarlow, the deadline to apply for a Paycheck […]

IMMEDIATE ACTION REQUIRED: Important Tax Filing Information for July 15, 2020

The Supreme Court has taken up a case that will determine the constitutionality of the Affordable Care Act (ACA). While it is highly unlikely that the Supreme Court will retroactively deem this Act unconstitutional, the decision to strike down the ACA would likely also invalidate two taxes on high-income individuals, including the net investment income […]

U.S. House of Representatives Passes the PPP Extension and The Paycheck Protection Small Business Forgiveness Act is Introduced

On Wednesday, July 1, 2020, the U.S. House of Representatives passed a bill to extend the Paycheck Protection Program (PPP) application period by five additional weeks until August 8, 2020.  The U.S. Senate passed the bill by unanimous consent on Tuesday, June 30, 2020, less than four hours before the PPP application window was scheduled […]

The U.S. Senate Approved a Vote to Extend the Paycheck Protection Program Application Period

On Tuesday, June 30, 2020, the U.S. Senate approved a vote to extend the Paycheck Protection Program (PPP) application period by five additional weeks until August 8, 2020.  The vote was passed by unanimous consent less than four hours before the PPP application window was scheduled to close with more than $130 billion in unspent […]

Business Loan Program Temporary Changes: The SBA and Treasury Provide New Guidance on Interim Final Rules to Clarify the Loan Forgiveness Application Timeline and Owner Compensation

On Monday, June 22, 2020, the U.S. Small Business Administration (SBA) and the Department of Treasury released new guidance about the Paycheck Protection Program (PPP), Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule. This new guidance outlines two significant changes affecting PPP loan borrowers: Application Timeline: When can […]

The Small Business Administration and the Treasury Department Announce Streamlined Paycheck Protection Program Loan Forgiveness Applications

On Wednesday, June 17, 2020, the Small Business Administration (SBA) and the Treasury Department unveiled a streamlined loan forgiveness application for the Paycheck Protection Program (PPP). The new five-page “borrower-friendly” application, which can be found here, provides more flexibility to small businesses to receive forgiveness on their SBA-backed loans. The original eleven-page application was released in […]

Senate Passes the Paycheck Protection Flexibility Act to Provide Direct Relief to Small Businesses, Proceeds to President Trump to Sign into Law

On the evening of Wednesday, June 3, 2020, the U.S. Senate unanimously approved legislation to fix the Paycheck Protection Program (PPP) by providing direct relief to small businesses affected by the coronavirus pandemic. Senate Majority Leader Mitch McConnell, R-Ky., requested a unanimous consent vote and the vote was nearly unanimous at 417-1. The bill, which […]

Tarlow Update: The Paycheck Protection Program (PPP) Flexibility Act Passed the House

The Paycheck Protection Program (PPP) Flexibility Act passed the House on Thursday, May 28, 2020. The PPP Flexibility Act extends the time businesses need to spend funds and alters the rule that they must contribute 75% of the funds on payroll for full forgiveness (that level would be reduced to 60%). The House bill proposes […]

SBA and Department of Treasury Release PPP Loan Forgiveness Application

On Friday, May 15, 2020, the Small Business Administration (SBA), together with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The application, which was announced via a press release, includes detailed instructions to advise borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, […]