On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more
12/23/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Deductions ,
Tax Planning
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
On October 26, 2020 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below have increased from last year while others remained...more
Today by Interim Rule the Treasury Department and Small Business Administration jointly made it much easier for some Paycheck Protection Program (“PPP”) loan borrowers to get forgiveness for their loans. If the PPP loan...more
On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more
9/3/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
IRS ,
New Guidance ,
Payroll Taxes ,
Presidential Memorandum ,
Social Security Taxes ,
Tax Liability ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour
Way back in March, as the pandemic began to set in, Congress quickly passed the Families First Coronavirus Response Act (the Act) as part of a barrage of legislation aimed at providing relief to American workers. The Act...more
7/10/2020
/ Employer Liability Issues ,
Employment Policies ,
Infectious Diseases ,
IRS ,
New Guidance ,
Paid Leave ,
Popular ,
Reporting Requirements ,
Self-Employment Tax ,
Sick Leave ,
Tax Credits ,
Wage and Hour
On Tuesday evening (June 22nd), the Small Business Administration (SBA) and Department of the Treasury released revisions to the interim final rule on forgiveness (issued May 22nd) and the interim final rule on loan review...more
On June 16 the SBA issued a revised Paycheck Protection Program (PPP) Loan Forgiveness Application along with updated instructions. The update in large part reflects the changes made to PPP by the Paycheck Protection Program...more
Today the U.S. Supreme Court decided in a 6-3 decision that Title VII provides protection from discrimination on the basis of sexual orientation and gender identity in the workplace.
Justice Neil Gorsuch and Chief Justice...more
6/16/2020
/ Altitude Express Inc v Zarda ,
Bostock v Clayton County Georgia ,
Civil Rights Act ,
EEOC v RG & GR Harris Funeral Homes ,
Employer Liability Issues ,
Gender Identity ,
Hiring & Firing ,
LGBTQ ,
SCOTUS ,
Sex Discrimination ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title VII ,
Transgender
A few moments ago President Trump signed HR Bill 7010 into law, which we summarized for you in an alert yesterday. We also need to clarify that all of the revised and amended PPP terms apply to all existing and new PPP loans...more
Both the House and the Senate have now passed HR 7010 providing PPP borrowers more favorable terms. We first alerted you on May 27th of possible changes to PPP being considered by both the House and the Senate. Last night in...more
As some Paycheck Protection Program loan borrowers approach the close of their eight week covered period (the period during which loan proceeds can be used for certain expenses and the corresponding loan amount can be...more
In a bit of a respite from COVID-19, today the IRS announced the Health Savings Account limits for 2021. With respect to contribution limits, the limits are slightly higher than the ones for 2020. As a reminder, these...more
You’ve been waiting. We’ve been waiting. Another week went by with no meaningful guidance on the forgiveness provisions of the Paycheck Protection Program. What better time to issue it than a beautiful Friday evening! We now...more
On May 5th, the U.S. Department of the Treasury (Treasury) extended the PPP loan repayment safe harbor from May 7th to May 14th. In FAQ #47 the Treasury just announced it has extended the deadline once again—this time to May...more
The Internal Revenue Service recently issued Notices 2020-29 and 2020-33, which relax some of the rules applicable to cafeteria plans in light of the COVID-19 pandemic. Notice 2020-29 will apply to the vast majority of...more
The Wisconsin Supreme Court has ruled that Governor Tony Evers’ administration overstepped its authority when it extended the governor’s “Safer at Home” order until May 26.
The original “Safer at Home” order went into...more
The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.”...more
5/13/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline)....more
Over the weekend, the Department of Treasury issued an update to their PPP FAQs. Question #40 clarifies that an employer’s forgiveness amount under PPP will not be impacted if the employer attempts to rehire a previously laid...more
The Department of Treasury released updated Protection Program FAQs. These updated FAQs continue to raise more questions and concerns from PPP borrowers and provide little clarity on SBA expectations and...more
With a second round of Paycheck Protection Program (“PPP”) funding coming available last week, a large percentage of small businesses either have already received (or will soon receive) the proceeds of a PPP loan. At only one...more
Wisconsin Department of Health Services issued Emergency Order #28 (the “Extended Order”), an extension to Emergency Order #12 released on March 24th (the “Original Order”)...
The Original Order remains in effect until...more
The SBA released the Interim Final Rule announcing more information on the Paycheck Protection Program. The Interim Final Rule provides some program clarifications, but also provides some program changes....more
Today the DOL released detailed regulations with answers to nearly every question we have had over the past two weeks regarding this law. While we are still reviewing these regulations, there are two important details that...more