New Interim Final Ruling: The SBA released yet another Interim Final Ruling which provides for a variety of administrative updates/corrections, however there are a few notable clarifications as follows: The SBA confirms that the maximum forgivable salary for non-owner employees…
The AICPA recently released a Technical Question and Answer (TQA) on the matter, while the TQA does indicate that gain contingency guidance is acceptable, it also opens the door to an alternate conclusion (see the link above and excerpt below). …
60/40 “cliff” rule addressed: As we previously noted, the PPP Flexibility Act. changed the 75%/25% rule to a 60%/40% rule, allowing companies to realize a greater benefit from the non-payroll costs they incurred during their covered period. However, the law…
The PPP Flexibility Act was signed into law on Friday. Over the last few weeks we have covered many important components of the Bill, our latest article covers more of the salient points as well as the nuances that all…
The PPP Flexibility Act is on its way to the White House for signature. We have written extensively about what was in the legislation (see COVID Update on May 29 and our Article). A few observations that we wanted to…
PPP Flexibility Act Passes the Senate!: This evening the Senate passed the Paycheck Protection Program Flexibility Act. The PPP Flexibility Act was passed by the House last week with bipartisan support. The Senate had a competing bill called the Paycheck…
Today we wanted to share news regarding the Paycheck Protection Program Flexibility Act. of 2020: PPP Flexibility Act of 2020: On Thursday the House passed the PPP Flexibility Act. with a vote of 417-1. This is clearly a bipartisan piece…
IFR 14 – Last Friday the SBA issued its 14th “final” ruling with respect to the PPP. We have written extensively about it in this article. Much of this ruling seems to support assertions made on the application itself which…
On April 3rd, Treasury released a PPP Borrower Information Fact Sheet that was meant to clarify key questions with respect to the application process. In particular, this document reaffirmed the definition of “Payroll Costs” (Page 2) and clarified that Salaries…
FTE Safe Harbor (“Rehire Rule”) Today we wanted to do a deep dive into the FTE Safe Harbor rule. The CARES Act and subsequent Interim Final Rules/FAQs go to great lengths to describe how to reduce forgiveness if there is…
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