The Corporate Transparency Act (CTA) enacted in January 2021 as part of the National Defense Authorization Act establishes new requirements that will mandate the disclosure and reporting to the United States Treasury...more
4/14/2021
/ Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Counterfeiting ,
Federal Register ,
Financial Fraud ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Reporting Requirements ,
Tax Fraud ,
U.S. Treasury
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act is wide-sweeping in its breadth at over 5,500 pages and provides the annual funding for the federal...more
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (the Act). The Act, among many other things, expands the employee retention tax credit and includes favorable changes to other...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more
On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which is available here. Notice 2020-39 provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19...more
The Federal Reserve Bank of Boston (Reserve Bank) announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program. The changes are...more
The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending...more
On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck...more
For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available...more
Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be...more
On May 26, 2020, New York City Mayor Bill de Blasio signed the City Council’s bill No.1932-A (the Personal Liability Bill). The Personal Liability Bill adds a new section 22-1005 to the administrative code of the City of New...more