If you are interested in applying for Second Draw PPP Loans, or will be a first-time borrower, please take a look at the key requirements below. While these requirements are listed from one bank, they follow the requirements as stated by the SBA and Treasury, as other lenders will. Key requirements for all applicants: You are an authorized representative who…

The Journal of Accountancy's senior editor Jeff Drew, has published an summary of the recent changes to the PPP Loan in light of the recent Acts that add funds to allow for a second round of loans. The applications are now open to all, both previous borrowers (please see below for details) and new borrowers as well. The final day…

The Journal of Accountancy has published an in-depth summary of the new PPP guidance issued by the US SBA and Treasury.  Written by senior editor Jeff Drew, the article below details the main differences between the PPP 1 and the PPP 2 along with listing eligibility, eligible costs, notes on forgiveness, maximum amounts, and set-asides for  “new and smaller borrowers,…

The Consolidated Appropriations Act was signed into law on December 27th, 2020. This act follows the CARES Act that was signed into law last March. It aims to provide additional funding and relief to small businesses affected by the pandemic. Part of this Act includes the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act)”, allowing…

In addition to the guidance the SBA and Treasury released concerning FSAs and Section 311 of the Economic Aid Act, both organizations have also released a guidance and Interim Final Rule regarding the changes made to the Paycheck Protection Program in order to extend the funds and amount of time allowed for small business to apply. This IRF consolidates and…

Please see the summary prepared by Shelagh Michaud, Irene Scholl-Tatevosya, and Kimberly K. Harding of Nixon Peabody LLP regarding the Consolidated Appropriations Act and the FFCRA (Family First Coronavirus Response Act). The article from Nixon Peabody addresses the effects on extended tax credits for employers. The article also includes links to other updates the law firm has made. Please see below.…

Please see the summary prepared by  Damian A. Myers, Yelena F. Gray, and Lena Gionnette of Nixon Peabody LLP regarding the Consolidated Appropriations Act. The article from Nixon Peabody addresses the effects on FSAs. Please see below. Stimulus legislation temporarily relaxes flexible spending arrangement rules The recently signed Consolidated Appropriations Act is intended to provide various forms of tax relief,…

Italian Tax Authorities have issued new instructions regarding transfer pricings. Please read about these changes below, in the article entitled “Italy issues new transfer pricing documentation requirements and proposes changes to APA procedure”, drawn up by Ernst & Young LLP (EY). Executive summary On 23 November 2020, the Italian Tax Authorities issued new instructions (New Instructions)1 regarding the content and…