Our Blog: Crisis / COVID-19 Legal Counseling Services

Tax Treatment of Expenses Paid with PPP Loans – Part 2

November 30, 2020

On November 18, the IRS, home.treasury.gov/news/press-releases/sm1187, released supplemental guidance on the tax treatment of approved business... Read more

SBA Guidance – Treatment of PPP Loans in M&A Deals and Equity Purchases

November 6, 2020

Recently, the SBA issued Procedural Notice 5000-20057 (the “Guidelines”) [ Read more

PA Offers COVID-19 Grants to Small Businesses – Starting June 30, 2020

June 30, 2020

On June 30, PA begins offering grants of between $5,000 to $50,000 to small businesses affected by the COVID-19 pandemic.   This is not a first-come, first served program and grants will become available in several separate offerings over the... Read more

Pivoting Your Business in the Age of COVID-19 – Changing Your DBE Certification to Reflect Your New Areas of Business

June 24, 2020

When your business obtains Disadvantaged Business Enterprise (DBE) certification, you are certified under one or more NAICS codes.  The NAICS (North American Industry Classification System) is used to classify businesses using a six-digit number... Read more

New PPP Loan Forgiveness Rules

June 9, 2020

On Friday, June 5, the President signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPPF”), H.R. 7010.  The Act makes major modifications to the CARES Act and the Paycheck Protection Program (“PPP”) loan... Read more

SBA Updates Rules for PPP Loan Forgiveness

May 26, 2020

On May 22, the US Treasury updated the rules governing PPP loan forgiveness.  Some of the updates merely ratify the decisions made on loan forgiveness application form.  Read more

PPP Loan Forgiveness – SBA Released Application Form and Instructions on Friday May 15

May 18, 2020

If you have applied for a Paycheck Protection Program (“PPP”), the SBA released the application form (SBA Form 3508) and the worksheets you will have to submit to your lender shortly after June 30th... Read more

PPP Loan – Hiring Back Employees by June 30 to Get the PPP Loan Forgiven*

May 7, 2020

*Co-Written by Jean Novak and John Kelly Under the CARES Act Paycheck Protection Program (PPP) loan program, employers are encouraged to hire back employees and restore pay to February 15, 2020 levels.  If the... Read more

Tax Treatment of CARES Act – PPP Loan Forgiveness

May 1, 2020

In Notice 2020-32 , https://www.irs.gov/pub/irs-drop/n-20-32.pdf (released April 30, 2020), the IRS says that any expenses (payroll costs, health care costs, utilities, rent, and mortgage... Read more

Business Interruption Grant Program Proposed by PA Legislation

May 1, 2020

House Bill 2386, known as the COVID-19 Disaster Emergency Business Interruption Grant Act, has passed in the Pennsylvania House of Representatives.  Bill 2386 establishes the “COVID-19 Disaster Emergency Business Interruption Grant Program” to... Read more