May 18, 2020 by Sheila Denny-Andrews
The following is a press release from the SBA on May 15, 2020. SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application Release Date: Friday, May 15, 2020 Release Number: 20-41 Contact: press_office@sba.gov Washington—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the...
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May 13, 2020 by Sheila Denny-Andrews
Today the SBA released guidance regarding borrowers good-faith certification for PPP loan proceeds. Please review the attached FAQ #46 for the official SBA guidance, including a $2 million safe harbor provision. If you have any questions, please contact your representative at Copeland Buhl. The deadline to return funds is Thursday,...
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The IRS released guidance disallowing business deductions to the extent of eligible loan forgiveness under the Paychecks Protection Program (PPP). The CARES Act created the Paychecks Protection Program to add liquidity to businesses by issuing forgivable loans through the Small Business Administration (SBA) for expenses such as payroll, employee benefits,...
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May 1, 2020 by Sheila Denny-Andrews
In order to provide support to businesses impacted by COVID-19, Hennepin County implemented the Small Business Relief Program which was “designed to help small local businesses meet immediate financial needs.” This program provides emergency forgivable loans up to $7,500 to pay for critical operating expenses, such as: Utilities Rent/Mortgage payments...
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The CARES Act includes a provision allowing employers and the self-employed to defer a portion of social security tax payments for the remainder of 2020. Employers All employers are eligible to defer payment of the employer portion of social security taxes on wages paid from March 27, 2020 through December...
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