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SBA Issues Safe Harbor for PPP Loans Under $2M

Posted 5:35 PM by
The Small Business Administration (SBA) has just released new guidance regarding the good-faith certification for Paycheck Protection Program (PPP) loans. This guidance, which was added as question #46 to the PPP FAQs, should come as welcome relief to many businesses that took out PPP loans and have struggled with the good-faith certification. The SBA states that PPP loans with original principal amounts less than $2 million (in combination with any affiliate loans) will be deemed to have made the certification in good faith. For loans in excess of $2 million, borrowers may still have an adequate basis depending on individual circumstances. If, however, it is determined that a borrower lacked adequate basis for the good-faith certification, the SBA will seek repayment of the loan. If the borrower repays the loan, the SBA will not pursue administrative enforcement or referrals to other agencies with respect to the certification.
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On-Demand Webinar: How Not-For-Profits Can Fundraise and Generate Program Revenue During a Crisis

Posted 9:30 PM by
Not-for-profit organizations are facing new challenges as they adapt to “the new normal,” and fundraising and generating program service revenue are at the top of the list. How are not-for-profits finding success in the midst of new dynamics?
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Indiana DOR Extends Additional Filing and Payment Deadlines

Posted 7:29 PM by
From suspending tax filing bills, extending deadlines, and allowing flexibility in determination of nexus, the Indiana Department of Revenue (DOR) continues to respond to the COVID-19 crisis with relief options for Hoosier taxpayers. Today the department announced additional tax filing and payment deadline extensions for certain individual and corporate tax returns. These extensions are in conjunction with the additional federal extensions provided by the IRS.
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Transportation Webinar: Carriers: Navigating Financial and Operational Challenges During Uncertainty

Posted 2:30 PM by
The evolving COVID-19 pandemic has caused the trucking industry to tackle rapidly changing operational and financial practices. The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided economic relief to businesses and individuals, but many carriers are wondering how to maximize the tax and loan provisions designed to incentivize employee retention and help maintain cash flow. How can carriers best shift the financial and operational structure of their business to address everyday needs during these uncertain times?
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PPP Repayment Deadline Officially Extended by SBA

Posted 9:16 PM by
On May 5, 2020, the Small Business Administration (SBA) added question #43 to the Paycheck Protection Program (PPP) FAQs: In the response, the SBA officially extended the PPP loan repayment deadline from May 7 to May 14, 2020. The SBA also notes in this response that it intends to provide additional guidance before the new May 14 deadline on how it will review the economic uncertainty certification:
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On-Demand Webinar: Maximizing Loan Forgiveness Under the Paycheck Protection Program

Posted 9:00 PM by
With Paycheck Protection Program (PPP) loans being disbursed to businesses, now is the time to implement good processes and tracking mechanisms to maximize loan forgiveness. The PPP has been advertised as a grant, and, in many respects, it can function like one. However, the onus is on businesses to earn 100% loan forgiveness within an eight-week window starting on the day the funds are disbursed. Many will find this a difficult endeavor as current guidance from the Department of Treasury and Small Business Administration (SBA) is sparse.
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On-Demand Webinar: COVID-19 Business Survival Series: "Planning for the Post-COVID-19 New Normal"

Posted 8:45 PM by
COVID-19 has infiltrated every corner of the economy and every link in the supply chain. Businesses have had to shut down some or all of their workplaces, retool operations and process, and rethink how they leverage – or even continue to employ – their workforce. Now that plans are in place to reopen the economy, what should businesses be doing to prepare for the post-COVID “new normal”?
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COVID-19 Business Survival Series: “Public-Private Partnerships 2.0”

Posted 10:15 PM by
The use of public-private partnerships to move deals across the finish line has been a hot topic for years. But as COVID-19 threatens all sectors of the economy, government and private companies are collaborating with each other like never before to get things up and running again.
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On-Demand Webinar: Leading a Not-For-Profit in a COVID-19 World

Posted 3:45 PM by
Not-for-profit organizations have been hit hard by the coronavirus pandemic. Facing temporary shutdowns, canceled fundraising events, and uncertainty about the future, not-for-profits have had to reimagine how they can continue to carry out their organization’s mission in the face of adversity.
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IRS Disallows Deductions For Expenses Reimbursed By Forgiven PPP Loans

Posted 3:30 PM by
On April 30, the IRS issued Notice 2020-32, which states that the expenses that provide the basis for loan forgiveness under the Paycheck Protection Program (PPP) will be non-deductible. While the Coronavirus Aid, Relief, and Economic Security (CARES) Act specifically excludes the loan forgiveness amount from gross income, it is silent on the deductibility of the associated expenses. However, the IRS has determined that Internal Revenue Code Section 265 disallows a federal income tax deduction, which is unfortunate news for small businesses that have received a PPP loan. Unless we receive contrary guidance, businesses should be aware of the tax implications of PPP loan forgiveness and should plan accordingly.
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