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Update on Paycheck Protection Program (PPP) Loans – April 7, 2020

Update on Paycheck Protection Program (PPP) Loans – April 7, 2020

Important New Information – you may need to revise your application if it has not been processed.

The Department of Treasury released an additional set of Q&A’s last night that clarified some of the issues related to the PPP loans:

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April 6, 2020 Update For Those Applying for Paycheck Protection Loans

Friday was the first day applications could be submitted. I think we can safely say the opening day did not as planned. As of now, Monday morning, there are still many unanswered questions. The legislation authorizing PPP was drafted quickly and has left many open questions regarding implementation, i.e., the devil is in the details. While Treasury has issued some guidance, several important questions are still unanswered. Based on what we have seen, the banks are interpreting the details differently. We want to help those applying for PPP loans as much as possible but where there are issues that have not been addressed adequately, you will have to make some decisions.

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FAQs Regarding Employee Retention Credit

On March 31, 2020, the IRS released an FAQ document that helps answer questions about the Employee Retention Credit that both employers and employees will find helpful. This FAQ offers definitions of some key terms in the legislation, examples on how those terms apply to some common scenarios, and provides guidance on how employers can claim the credit. 

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The CARES Act Passes

On March 27, 2020, the House of Representatives passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act without amendments. Later in the day, the President signed bill enacting it into law.

The CARES Act provides approximately $2 trillion in funding for COVID-19 relief. The Act provides numerous provisions for tax relief for individuals and businesses, as well as a variety of programs designed to quickly inject cash into the economy. Stay tuned for more developments and coverage related to the CARES Act, and check out RSM’s explanation of the CARES Act for explanations of key provisions and insights on what they mean for your business and the economy at large.

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CARES Act delivers five-year NOL carryback to aid corporations

The Coronavirus Aid, Relief and Economic Security Act (the CARES Act or the Act) is a comprehensive plan that will affect the vast majority of US businesses and their employees. Among many other items, the Act will provide, when signed into law, four relief provisions specific to corporate taxpayers as follows:

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Client Update 3/23/20

Dear clients: We are in the midst of an unprecedented time in our country and our communities with extraordinary measures being employed to combat the spread of the COVID-19 virus.  I hope you and your families are well and are taking the necessary precautions to...

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Congress Passed the Families First Coronavirus Response Act

The Act covers a broad array of programs and funding in response to the COVID-19 emergency. Many of these do not directly affect employers. However, parts of the Act focus on two types of mandatory paid leave for employees and on tax credits to help employers pay for the mandatory paid leave.

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