One of the more interesting provisions under the PPP Loans was that the forgiveness component would not be considered taxable income under Section 108 (which covers forgiveness of debt income). This in turn added to the attractiveness of the program by essentially making the forgiveness a tax-free grant from the government.

The CARES Act has been the largest economic relief program in the history of the United States, and as previously reported, there is potential to bring with it a high level of fraud or false representations, as we have previously discussed. Many borrowers analyzed the initial CARES Act and saw the opportunity for funding that could be beneficial to their business and followed the guidance in place at the time, which has since been updated several times.

The current COVID-19 quarantine has brought traditional fundraising events to a screeching halt. Many organizations have either pushed their events to the fall, in hopes that the world will regain some level of normalcy, or cancelled them altogether, looking for other...

Many healthcare providers were pleased to find an “HHS stimulus payment” from the CARES Act Provider Relief Fund earlier in April. This payment was a grant, not a loan, based on a provider’s pro-rata share of Medicare billing in 2019. As part of the terms and...

The Treasury and SBA have issued a new directive under the FAQs that highlight and provide additional guidance related to eligibility and required certifications for these loans. As part of the initial application for the loan borrowers were required to certify, among...

In today’s work environment, the call for employers to be able to provide more flexible work hours and a choice of work environment outside of a company’s main location has gone from perk to pre-requisite. According to statistics provided by Global Workplace...

Nonprofit organizations are the core of every community by assisting those within it and working towards a common good. However, they cannot exist without the consistent and generous support from donors. Word of mouth can only spread so far, and especially for small...

All of us began 2020 with bright goals and resolutions to accomplish within the next year and even decade; workout more, learn an instrument, travel the world. A lot has changed since we all made our resolutions over four months ago, but what didn’t change is the dire...

So far, more than 1.2 million companies received PPP loans under the CARES Act, and now that funding has been replenished, that number is expected to increase significantly. The final regulations regarding the forgiveness provisions are not yet out. Even so, companies...

Many business owners and nonprofit organizations were left in a state of limbo late last week as a result of the PPP Loan Program using up the complete $349,000,000,000 allocated as part of the CARES Act. However, on April 21, 2020, reports have come out on an...