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 […]

Tarlow Update: Save Small Business Fund Created by the U.S. Chamber of Commerce to Help Small Businesses Struggling During the COVID-19 Pandemic

The U.S. Chamber of Commerce established the Save Small Business Fund, a grantmaking initiative offering short-term relief for small employers in the United States and its territories. The Fund provides short-term relief grants of $5,000 to companies employing 3-20 people. The application to apply for these grants will be available online beginning at 3:00 pm […]

COVID-19 Webinar on Monday, April 20, at 3 PM (ET) – How to Plan for PPP Loan Forgiveness

Tarlow Invites You: COVID-19 Webinar How to Plan for PPP Loan Forgiveness On Monday, April 20, 2020, at 3:00 PM – 4:00 PM (ET), our CPA channel affiliate partner, Aprio, will host a complimentary webinar on how to effectively plan for Paycheck Protection Program (PPP) loan forgiveness. With PPP loan payments starting to be disbursed to […]

Tarlow Update: Small Business Administration Issues Interim Final Rule for the Paycheck Protection Program

On the evening of April 2, 2020, the Small Business Administration (SBA) released an Interim Final Rule (IFR) implementing the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will run from April 3, 2020, through June 30, 2020. The release of the IFR follows the March 31, 2020, issuance […]

COVID-19 Update: Paycheck Protection Program – Initial Guidance Issued

On Tuesday evening, March 31, 2020, the U.S. Treasury and Small Business Administration (“SBA”) released their initial Information Sheet (“Fact Sheet”) as well as the Application Form for the Paycheck Protection Program (the “PPP”).   As mentioned in previous email alerts, the PPP is part of The CARES Act, which appropriated $349 billion to enable eligible […]