COVID-19 Tax & Business Implications

Mitch Gerstein quoted in article by Jeff Blumenthal about PPP forgiveness questions still need more answers.

July 28, 2020

PPP forgiveness questions still plague lenders, borrowers — and there’s not always answers

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Mitch Gerstein quoted in article by Gene Marks about business owners that took PPP loans may face tax issues

July 24, 2020

Many businesses have suffered during this economic downturn caused by the coronavirus pandemic. You’ve read about them in the media. But what you don’t read about as often are the many other businesses around the country that haven’t suffered as much. It probably hasn’t been a very profitable year for…

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Deadline Extended to Apply for PPP Loans

July 6, 2020

On July 4th, President Trump signed into law a temporary extension to apply for the Paycheck Protection Program (PPP). The deadline for small businesses to apply for approximately $134 billion in PPP funds has been extended until August 8. Originally the deadline was June 30. The PPP is a major…

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The strategy of delaying tax payments

June 30, 2020

Mitch Gerstein, senior tax advisor, is quoted in the Philadelphia Inquirer article by Gene Marks about the strategy of delaying tax payments.

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IRS Provides Guidance on the CARES Act Waiver of RMDs

June 30, 2020

The IRS has issued new guidance on the Coronavirus Aid, Relief, & Economic Security (CARES) Act waiver of required minimum distributions (RMDs) from certain retirement accounts. In addition, the IRS offered guidance on rollover and transition relief for certain distributions in 2020 that would have been RMDs if the age…

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PPP Early Loan Forgiveness Applications

June 25, 2020

Many small businesses have inquired about whether they can apply for Paycheck Protection Program (PPP) loan forgiveness before their covered period expires. The new Interim Final Rule says that if a borrower applies for loan forgiveness before the end of the covered period and has reduced any employees’ salaries or…

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Names of Many PPP Loan Borrowers to be Made Public

June 22, 2020

The Small Business Administration (SBA) and Treasury have agreed to publish the names and amount ranges for all recipients of Paycheck Protection Program (PPP) loans of $150,000 or more. SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan…

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New Improved User-Friendly PPP Loan Forgiveness Applications & PPP Forgiveness Limits Revised

June 18, 2020

The Small Business Administration (SBA) and the Treasury Department launched an improved user-friendly forgiveness application for the Paycheck Protection Program (PPP) along with revising the full forgiveness application. There is approximately $125 billion remaining in the program and applications are still being accepted until June 30. The EZ application requires…

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Back by Popular Demand: EIDL Loans & Advances

June 17, 2020

The Small Business Administration (SBA) announced they will restart on June 15 the processing of already submitted Economic Injury Disaster Loan (EIDL) and EIDL Advance (up to $10,000) applications. SBA will also begin accepting new EIDL and EIDL Advance applications open to qualified small businesses and nonprofits. The EIDL Advance…

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Latest Update: New PPP Interim Final Rule

June 11, 2020

The Small Business Administration (SBA) on June 10 published a new Interim Final Rule (IFR) incorporating provisions of the Paycheck Protection Program (PPP) Flexibility Act.  The Flexibility Act amended the CARES Act provisions related to loan terms and forgiveness. The new IFR addresses: PPP loan forgiveness covered period revisions, time…

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