CONGRESS EXTENDS PAYCHECK PROTECTION PROGRAM Both houses of Congress have approved a bill making several material modifications to the popular Paycheck Protection Program (“PPP”). The President is expected to sign the bill into law very shortly. The 8-week “covered period” during which PPP funds can be spent can now be extended, at the borrower’s…
PANDEMIC CHALLENGES FOR NONPROFITS Observers are predicting a challenging road ahead for many charitable nonprofits, especially those that rely on funding from state and local governments. Tax revenues are down and deficits are ballooning. It is widely expected that sooner or later, government funding of charitable nonprofits will be reduced or even eliminated. Private philanthropies…
ORANGE COUNTY FUNDING CORPORATION LAUNCHES SMALL BUSINESS RESILIENCY LOAN The Orange County Funding Corporation, an entity affiliated with the Orange County Industrial Development Agency, has launched the Small Business Resiliency Loan program aimed at assisting small businesses located in Orange County, New York. Further information can be found here. A fund of $500,000 has been…
SBA ISSUES PAYCHECK PROTECTION PROGRAM GUIDANCE FOR THE SELF EMPLOYED The Small Business Administration issued long-awaited guidance on April 14, 2020, as to how people with self-employment income can apply for benefits under the Paycheck Protection Program. This applies to sole proprietors and independent contractors who report their income on Schedule C of IRS Form…
PAYCHECK PROTECTION PROGRAM UPDATES Sole Proprietors and Independent Contractors The Paycheck Protection Program (PPP), the primary relief program for small businesses under the CARES Act, becomes available to sole proprietors and independent contractors on Friday, April 10. SBA lenders are supposed to begin accepting applications on that day. Until now, those lenders were only…
TAPPING INTO YOUR 401(k) DURING COVID-19 The coronavirus pandemic has reduced income to millions of Americans. As part of the CARES Act, Congress enacted special rules pertaining to early withdrawals and loans from tax-favored savings vehicles like 401(k) and IRA accounts. Withdrawals Previously, an early withdrawal from a 401(k) or IRA was subject to a…
THE CARES ACT PAYCHECK PROTECTION PROGRAM The Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program will likely be one of the more popular programs included in the federal stimulus bill that was just signed into law. Congress wants to help small business employers maintain high employment by offering loans from Small Business…
