COVID-19 Tax & Business Implications

How SBA FAQ 46 affects PPP loans as deadline extended to May 18

May 29, 2020

Mitch Gerstein quoted in Philadelphia Business Journal’s article by Jeff Blumenthal about PPP loan forgiveness: how SBA FAQ 46 affects safe harbor amid deadline panic… READ MORE

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Mitch Gerstein is quoted in Philadelphia Business Journal article by Jeff Blumenthal about the latest PPP loan forgiveness rules

May 27, 2020

The interim final rules offer guidance about how to incorporate employees who refuse an offer to return to work and caps the amount of money self-employed individuals can receive. READ MORE…

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New Paycheck Protection Program (PPP) guidance released Friday night by Treasury and the Small Business Administration (SBA)

May 27, 2020

Two new Interim Final Rules (IFR): Provides borrowers and lenders guidance on requirements governing the forgiveness of Paycheck Protection Program (PPP) loans Informs borrowers and lenders of Small Business Administration ‘s (SBA) process for reviewing PPP loan applications and loan forgiveness applications. This IFR supplements the aforementioned IFR on loan…

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Mitch Gerstein is quoted in Philadelphia Inquirer’s reporter Erin Arvedlund’s article about how to receive PPP loan forgiveness.

May 25, 2020

The rules for converting PPP loans to grants are complex. Here’s a guide. Trying to figure out how you’ll pay back your small-business loan? Or better yet, get it forgiven? The Small Business Administration last week released a long-awaited request form for business owners who took out Paycheck Protection Program…

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SBA Issues PPP Loan Forgiveness Application & Instructions- Addition to Website

May 18, 2020

On Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid,…

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PPP loan forgiveness rules keep changing. Here’s the latest guidance from 5 experts

May 8, 2020

Hundreds of thousands of Philadelphia-area business owners are breathing sighs of relief after being notified that their Paycheck Protection Program applications have been accepted. But the hard part might just be getting started. Mitch Gerstein, senior tax advisor, is quoted in the article by Jeff Blumenthal in the Philadelphia Business Journal about PPP loans……

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SBA Modifies the PPP Loan FAQs to Extend the Date for Certain Loan Repayments

May 6, 2020

On May 5, the Treasury Department and the Small Business Administration (SBA) updated their Paycheck Protection Program (PPP) FAQ document once again. The update adds FAQ #43 which modifies a previously issued FAQ (#31). FAQ #31 was originally issued to remind borrowers to carefully review the required certification made with their…

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Didn’t get your small-business loan to stay open? Here are other options for help.

May 5, 2020

Mitch Gerstein, senior tax advisor, is quoted in the article by Gene Marks in the Philadelphia Inquirer about PPP loans and other incentives. Learn more about PPP loans, Employee Retention Tax Credit and the opportunity to defer payroll taxes until 2021 and 2022. Read more… 

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IRS Addresses Deductibility of Costs Paid with PPP Loans That Are Forgiven

May 1, 2020

On April 30, the IRS issued Notice 2020-32 addressing an important issue that was not covered explicitly in the CARES Act – whether covered costs that are paid with a PPP loan can be deducted for income tax purposes to the extent that the PPP loan associated with such costs…

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IRS Enhances “Get My Payment” Online Application

April 28, 2020

The IRS announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive economic impact payments. “We delivered Get My Payment with new capabilities that did not exist during any similar relief program, including the ability to receive direct deposit…

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