SBA PPP Portal Re-Opens on Monday, January 11, 2021
Jan 11, 2021The Small Business Administration (SBA) has reopened the Paycheck Protection Program (PPP) for First Draw Loans, starting January 11, 2021. These loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker pr Read More
On December 27, 2020, the President signed into law a $900 billion Coronavirus stimulus package. Included in this bill is a second round of Paycheck Protection Program (PPP) funding, as well as several updates to the first round of PPP funding released with the CARES Act last spring. This l Read More
Recently, the IRS released Revenue Ruling 2020-27 addressing the question that many of us have as to whether a taxpayer that received a PPP loan can deduct expenses paid during its 2020 taxable year if at the end of the year the taxpayer reasonably expects to receive forgiveness of its PPP lo Read More
This week, the SBA issued a notice seeking approval from the Office of Management and Budget to require the issuance of a “loan necessity questionnaire” for loans exceeding $2 million (guidance seems to indicate that the $2 million includes all affiliated groups). The SBA Form 3509 – Lo Read More
On October 8, 2020, the SBA released a simpler loan forgiveness application (Form 3508S) for PPP Loans of $50,000 or less. The main provision of this new PPP Loan Forgiveness application is that applicants with PPP Loans of $50,000 or less now have an exemption from both the FTE reduction p Read More
As most know, the current pandemic created from the COVID-19 virus has caused Federal, State and Local governments to assist many small entities with new income tax benefits and incentives, and contingent low interest deferred loans that might convert to potential grants. This assistance lead Read More
Potential Deferral of Employee Social Security Taxes
Aug 12, 2020On August 8, 2020, President Trump issued a Presidential memoranda directing the Secretary of the Treasury to permit the deferral of withholding of social security tax on compensation for employees earning less than $4,000 bi-weekly or the equivalent (about $104,000 on an annualized basis). Read More
Janover Provides Guidance on Notice 2020-51 Waiver of 2020 Required Minimum Distributions
Jul 30, 2020The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was enacted on March 27, 2020, included provisions which waived required minimum distributions (“RMDs”) for 2020 from defined contribution plans and individual retirement accounts (“IRAs”). This includes Read More
COVID-19 Update: QUALIFIED OPPORTUNITY FUNDS
Jul 22, 2020As a result of the COVID-19 pandemic, the President has issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act giving rise to temporary changes regarding investments in Qualified Opportunity Funds (QOFs). Click on the pdf below to access Jano Read More
Janover Update on the Main Street Lending Program
Jun 09, 2020On May 27 2020, the Federal Reserve Board released documents and expanded explanatory materials, including updated Frequently Asked Questions (FAQ) related to the Main Street Lending Program (MSLP). Our team at Janover has reviewed these FAQ’s and has summarized, what we believe to be, the Read More