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, […]

SBA Releases Final Rule on Loan Increases for Partnerships

On Wednesday, May 13, 2020, the Small Business Administration (SBA) released Interim Final Rule 9 (“IFR 9“), which provides important guidance for partnerships on loan increases. As an update, partnerships that received a Paycheck Protection Program (PPP) loan and only included the partnership’s employees in the loan amount calculation are given the option of submitting […]

Tarlow Update: SBA Announces Additional Guidance on the Paycheck Protection Program Certification Requirement

We would like to provide an update released today, May 13, 2020, by the Small Business Administration (SBA) regarding how the SBA will review borrowers’ required good-faith certification concerning the necessity of their loan request. According to the SBA, “When submitting a Paycheck Protection Program (PPP) application, all borrowers must certify in good faith that […]

SBA Extends the Loan Repayment Date: PPP Loan Recipients Now Have Until May 14, 2020, to Return Funds

On May 5, 2020, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP) loans by publishing FAQ 43, which extends the repayment date under the safe harbor provision to May 14, 2020.  Previously, borrowers were required to return funds by May 7, 2020, and they do not need to apply […]

Webinar on Tuesday, May 5, at 3 PM (ET): Unpacking the New Main Street Lending Program Loans and Expanded Eligibility Requirements

Tarlow Invites You: COVID-19 Webinar Unpacking the New Main Street Lending Program Loans and Expanded Eligibility Requirements On Tuesday, May 5, 2020, at 3:00 PM (ET), our CPA channel affiliate partner, Aprio, will host a complimentary webinar to unpack the new Main Street Lending Program loans and expanded eligibility requirements. The Federal Reserve announced new guidance […]

Tarlow COVID-19 Update: IRS Released Guidance Related to Forgivable Loans Through the Paycheck Protection Program

Late on Thursday, April 30, 2020, the Internal Revenue Service (IRS) released guidance stating that expenses related to forgivable loans through the Paycheck Protection Program (PPP) will not be tax-deductible. The notice clarifies that no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the […]

Tarlow COVID-19 Update: President Trump Signs $484 Billion Coronavirus Relief Bill to Deliver Aid to Small Business and Hospitals and Expand Testing

Today, Friday, April 24, 2020, President Trump signed a $484 billion coronavirus relief package into law to provide aid to small businesses and hospitals and expand COVID-19 testing. The relief package allocates $370 billion to small businesses to help keep employees on payroll, $75 billion to aid hospitals struggling to cover costs during the crisis, […]

After Receiving Your Paycheck Protection Program Loan Funds, What’s Next?

If you are a small business that applied for a Paycheck Protection Program (PPP) loan and received the PPP loan funds, that is good news; however, what should you do next? Now is the time to develop a plan to properly allocate the money and prepare what you will do after the loan money runs […]

COVID-19 Update: Congress Reaches Deal on Coronavirus Relief Bill and President Trump is Expected to Sign

On April 21, 2020, Lawmakers and the White House reached a bipartisan agreement on a nearly half-trillion-dollar coronavirus relief bill. This deal is a new round of coronavirus aid, which would deliver $484 billion to small businesses and hospitals, and for testing. The legislation includes money for small businesses, $75 billion for hospitals, and $25 […]