How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation...
New York State is requiring all employers who have or will be impacted by closures or workforce reduction to supply employees with the following information: NYS Employer Registration No. (This is found on your quarterly payroll tax form NYS-45 or on your Unemployment Registration Card) Federal Employer...
The Treasury Department has issued guidance that clarifies that no deduction is allowed under the Internal Revenue Code for an expense that is otherwise deductible if the payment of such expense results in forgiveness of a covered loan pursuant to the CARES Act and the...
One of the struggles many employers are facing surround employees who are refusing to return to work. The SBA has addressed this issue in their most recent FAQ dated May 4, 2020: Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES...
COVID-19 Employee Assistance: What Else Can Businesses Do To Help Their Employees? Employer-Provided Tax-Free Disaster Relief Benefits On March 13, 2020, President Trump enacted the Robert T. Stafford Disaster Relief and Emergency Assistance Act, authorizing him to declare the COVID-19 epidemic a national emergency. By doing so, he...
Update from New York State Department of Labor: We've launched a new streamlined application for New Yorkers to apply for PUA without having to first apply for UI. If you previously filed for UI and filled out a standalone PUA application, you do NOT need to file...
Facebook is offering $100M in cash grants and ad credits to help with the Covid19 crisis. Up to 30,000 eligible small businesses in more than 30 countries where we operate will be able to receive the grant. To be eligible to apply, you must: Be a...
The US Chamber of Commerce has launched the “Save Small Business Grant Fund”. Funded by contributions from corporate and philanthropic partners, the program provides $5,000 supplemental grants for small employers with 3 to 20 employees in economically affected areas. This program will open TODAY (April 20, 2020)...
What Businesses Need to Know About Loan Forgiveness Established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Payroll Protection Program (PPP) allocated $349 billion in forgivable loans to small businesses in order to pay their employees during the COVID-19 crisis. While the SBA’s...
The SBA has announced the following: Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. EIDL applicants who have already submitted their...
