Webinar on Thursday, October 22, at 12:30 PM (ET): Unpacking PPP Loan Forgiveness

Tarlow Invites You: PPP Webinar Unpacking PPP Loan Forgiveness What you need to know to maximize forgiveness Your Covered Period is coming to an end and you are getting ready to complete your loan forgiveness application. But it seems like every week there’s a change in the Paycheck Protection Program rules. Have you kept up […]

The SBA and the Treasury Released an IFR to Streamline the PPP Loan Forgiveness Process

On Thursday, October 8, 2020, the U.S. Small Business Administration (SBA) and the Treasury released an Interim Final Rule (IFR) to streamline the forgiveness process for recipients of Paycheck Protection Program (PPP) loans. Under the new IFR, borrowers of $50,000 or less can apply for forgiveness using a simplified application form, SBA Form 3508S. PPP […]

PPP Loan Update: New Guidance for Ownership Changes

The U.S. Small Business Administration (SBA) issued a Procedural Notice (‘the Notice”) to provide information concerning the required procedures for changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds (a “PPP borrower”). The Notice, which was addressed to SBA employees and PPP lenders, clarifies what constitutes a change in ownership and […]

The SBA Releases New PPP Forgiveness Guidance: Interim Final Rule, “Treatment of Owners and Forgiveness of Certain Nonpayroll Costs”

On Monday, August 24, 2020, the U.S. Small Business Administration (SBA) and the Treasury Department released an interim final rule (IFR) entitled, “Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.” This IFR addresses important guidance related to Paycheck Protection Program (PPP) loan expenses eligible for forgiveness, owner-employee compensation, the eligibility of nonpayroll costs, including […]

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 […]