Update #18 – The Fed Expands Main Street Lending to Loans of $100,000+
Good news – The Federal Reserve (The Fed) just expanded the terms of it’s Main Street lending program for small businesses struggling during the COVID-19 pandemic, now giving business owners access to loans of $100,000 or more. The Main Street New Loan Facility Program, created in early 2020, is part of the CARES Act.
Read MoreUpdate #17 – Rules for Withdraws from IRA’s under the CARES Act
Those directly impacted by COVID-19 can withdraw up to $100,000 penalty-free.
Read MoreUpdate #16 – Employers Now Have The Option To Defer Payroll Taxes
The Internal Revenue Service (IRS) recently issued guidelines which allow employers to defer withholding and payment of Social Security tax for employees whose wages are below $4,000 biweekly, or equivalent amounts, with respect to other pay periods, for wages paid September 1 through December 31, 2020.
Read MoreUpdate #15 – Retirement Distributions and Loans under the CARES Act
It’s been a while but we now have some clarity regarding distributions and loans from retirement plans under section 2202 the CARES (Coronavirus Aid, Relief, and Economic Security) Act.
Read MoreUpdate #14 – SBA Clarification to the PPP Forgiveness Application
On August 4, 2020, the Small Business Administration (SBA) issued some guidance concerning conditions for forgiveness with regards to the Paycheck Protection Program (PPP).
Read MoreUpdate #13 – PPP Forgiveness Application & New Stimulus
August Stimulus Bill Offers New PPP Loans for Businesses with 50% Revenue Loss
Read MoreUpdate #12 – Paycheck Protection Program Flexibility Act
The Senate Passes H.R.7010
Read MoreUpdate #11 – Loan Forgiveness Regulations
PPP Loan Forgiveness – “The Rules”
Read MoreUpdate #10 – Loan Forgiveness (SBA Form 3508)
The SBA Released the PPP Loan Forgiveness Application (SBA Form 3508) on Friday, May 15th.
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