Repayment Extension Granted by the SBA

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the…

U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19 

The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.  The following are key details of the Act as…

It’s Time! Tax Deadlines Looming!

2019 Tax Return Due Dates for Business Types Sole proprietorship and single-member LLC tax returns on Schedule C (with the owner’s personal tax return): April 15, 2020. Partnership returns file a partnership tax return on Form 1065 with Schedule K-1 for each partner: March 16, 2020. Multiple-member LLC returns filing as partnerships file on Form…

2019 Tax Law Change Update

Highlights of spending package’s tax law changes The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes…