Articles

Like Alice’s trip down the rabbit hole in Lewis Carroll’s famous 1865 novel, the Paycheck Protection Program (PPP) has been filled with surprising, strange and sometimes frightful twists and turns.

On May 15, 2020, the Small Business Administration (SBA) issued Paycheck Protection Program (PPP) Loan Forgiveness Application (Application).

In the time before the coronavirus outbreak – which seems so long ago ‒ companies were addressing state tax considerations of their mobile workforces

A significant amount of information pertaining to relief afforded retirement plans has previously been issued by the Internal Revenue Service and Department of Labor which was previously reported upon by us in a prior Alert.

As we have previously mentioned in our articles, the guidance surrounding the Paycheck Protection Program (PPP) keeps changing and evolving.

To help conserve vital liquidity during these trying times, the IRS issued Revenue Procedure (Rev. Proc.) 2020-19 on May 4, 2020 to provide temporary relief to publicly-offered real estate investment trusts (REITs) and publicly-offered regulated investment companies (RICs) with regard to their annual required cash distributions to shareholders.

The IRS issued guidance on May 7, 2020 to provide relief for U.S. companies with temporary activities in foreign countries.

Nationwide closures of higher education institutions as a result of the pandemic could continue into the fall semester and raises the question on how colleges and universities can continue to serve and educate their students.

Recognizing that the COVID-19 pandemic has caused significant disruption to the operations of State and Local Governments, the Governmental Accounting Standards Board (GASB) adopted Statement No. 95 on May 8, 2020 which postpones the effective dates of several GASB statements and implementation guides.

On Wednesday evening, May 6, 2020, the Treasury Department released FAQ No. 44 which seems to reverse earlier guidance (FAQ No. 3) relating to the exclusion of non-U.S. based employees from the headcount number for purposes of determining eligibility for a Paycheck Protection Program (PPP) loan.

By far, the most discussed aspect of the CARES Act has been the Paycheck Protection Program (PPP) loans. And with good reason.

As we continue the COVID-19 lockdown, we realize how truly dependent we are on our cyber connections… from ordering food, to entertainment, to schooling and even virtually attending religious services.