PPP Loan Forgiveness Clarity from IRS
Over the last few weeks, most of us have been occupied watching the drama in Washington DC. Which also led many of us to wonder whether there will be additional Federal stimulus or maybe even a little more clarity from the government anytime soon. Well, the Internal Revenue Service decided it was close enough to the holidays to take on the role of the Grinch and add some clarity of its own. Click here for the full article.
SBA Releases Further Guidelines on PPP Loan Forgiveness
We’ve waited much of the summer and into fall for further guidance (and a stimulus plan) from the US Treasury and SBA. Add to the mix a great deal of conjecture and possible maybes from the pundits and press. Meanwhile, many businesses and employees are just trying to survive. Well my friends, we have finally heard from the SBA. Click here for the full article.
Another Week…Another Update
PPP Flexibility Act Update
On Friday the president signed into law the PPP Flexibility Act which became effective immediately. The final bill is only a few pages long but does carry some significant changes to the laws already in effect. Click here for the full article.
PPP Loan Flexibility Act
Last evening the Senate unanimously passed the Paycheck Protection Program Flexibility Act following its passage through Congress last week. it will now be presented to the President for signature which we expect to be a formality. Click here for the full article.
Yet MORE Clarification for Forgiveness of PPP Loans
A week ago we sent out the newly published for 3508 Loan Forgiveness Application for borrowers who were fortunate to receive funding through the Paycheck Protection Program (PPP). After letting everyone ponder over its nuances for several days, this weekend the SBA and Department of the Treasury both issued interim final rules related to the program. Click here for the full article.
MORE Updates to the PPP Program
Another day, another change by the SBA/Treasury Department. They have just added two more questions to their FAQ’s: numbers 46 and 47. It would be awesome if they could actually provide the final regulations as mandated under the CARES Act, but not yet. Click here for the full article.
Important Updates for the PPP Program
Sorry to hit you again so soon but this one is actually time sensitive. It appears that the SBA/Treasury dynamic duo is updating its FAQ guidance daily. We would only subject you to this daily drip…drip of information Click here for the full article.
Who’s On First?
For those of you not familiar with the classic Abbott and Costello routine, we suggest you look it up on You tube. The routine reminds us of the PPP Loan Application, Funding and Qualification of Expenses process. Click here for the full article.
For those of you who have been funded under the Payroll Protection Program (PPP) the next most important consideration for you to contemplate is how much of the loan you received can be forgiven. Click here for the full article.
Important Information on Pandemic Unemployment Assistance (PUA)
For those folks who normally receive a regular paycheck but are no longer receiving pay, you should be filing for unemployment with your state agency. For regular situations like this the states have been very responsive and when including the federal augmentation amount the benefits are very helpful. Click here for the full article.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act Eligibility Chart
More Funds to be Freed For PPP and EIDL
With the imminent passage of the additional $484 billion relief package a few days away we thought it would be important to provide an update on its contents and describe how it will affect you. Click here for the full article.
Loan Program Update as of April 14, 2020
New IRS Notice 2020-33
Loan Program Requirements Update
We continue to work hard fulfilling our clients financial needs especially in the area of making loan requests where appropriate. The banking industry seems to be catching up and, depending upon the bank, they are requesting additional information. Click here for the full article.
PPP Update as of April 4, 2020
As you know yesterday was the first day that entities who wanted to make a PPP submission were supposedly able to. We are aware of only one major bank that was actually ready to accept applications. That bank, thankfully, followed the basic application format without requesting additional information. That may of course change and we cannot currently state that other banks will follow suit. Click here for the full article.
PPP Update as of April 3, 2020
As you may know, today is the first day that Companies may apply through a recognized SBA lender for the Paycheck Protection Program loans. It is important to note that each bank may have its own requirements specific to their process. Click here for the full article.
Tonight the Treasury Department has issued the forms and guidelines related to the PPP program to be administered by the bank.
It is now imperative that you talk to you bank to find out exactly what is required. For example, Chase will require that every business have a on line portal to apply.
Click here for the full article.
Loan Availability Update as of March 31, 2020
We want to bring you up to date on the quick moving developments relating to the disaster loan programs that are available or will be shortly.
1. EIDL Application: If you have already filed an EIDL application, please go back onto the SBA portal at the following address and fill in the available forms there. Check on the box to qualify for the $10,000 grant immediately.
2. Paycheck Protection Program (PPP) Loans – As we have been reporting these loans will be forthcoming through the banks and can be as high as $10M.
Click here for the full article.
CARES Act Tax Provisions
On March 27, 2020, President Trump signed into law The Coronavirus Aid, Relief, and Economic Security (CARES) Act. The law is huge in its potential impact. This correspondence deals with the specific tax aspects of the new law. Click here for the full article.
Loan Program Update as of March 29, 2020
Well events are happening quickly and non-stop. With the very recent passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) there are huge new developments that will affect both individuals and businesses. This huge (800+ page) piece of legislation is a lot to digest. We will begin here with the parts related to business loans. Click here for the full article.
State Filing Update as of March 29, 2020
Below please find an updated link which provides a schedule by State of filing deadlines. The most important point is that NYS will now follow Federal guidelines and the due date has been extended until July 15th. We continue to urge that anyone anticipating a refund to file their returns in order to claim back the money owed to them. We also believe that anyone who is or has applied for a SBA disaster grant to consider preparing their returns without payment so that they can accurately state what tax obligations they have which are part of the data required in the filings. Click here for the full article.
Important Tax and Lease Information
We have some more updates and information regarding tax filing, payments and leases. Also, if you are preparing an SBA Disaster Loan Application and need assistance please let us know as we have been helping several clients with this. Click here for the full article.
US Senate Passes Bill to Help Individuals and Businesses
Important Updates from the SBA Disaster Loan Program
The SBA Disaster Loan Program is usually enacted for natural disasters, but the Government has expanded this to all areas affected by the Coronavirus. If you have a small business that is being affected by the Virus you are eligible for a long term, low interest loan to replace lost income. Please paste the following link into your web browser. We suggest that you begin the process sooner than later. Please be sure that you are on the Government website and not a private vendor.
Office Operations and Tax Filing Updates
Dear Clients and Friends,
Most importantly, we at L.H. Frishkoff hope that you, your families and colleagues are healthy and managing to cope as best as possible in these difficult and uncertain times.
We want to assure you that our firm is up and running and currently occupying our NYC office on a staggered work period basis. We have set up secure systems so that our staff can work remotely, without interruption. We are available to answer your questions and provide our full range of services.We are asking all clients to scan and send documents via email or to use our Sharefile portal. If you need information on how to use Sharefile, please email the LHF employee that you’re working with. Read More >