The SBA released the Paycheck Protection Program Loan Forgiveness Application on May 15, 2020 at 7:30 p.m. Below are the most salient points from the guidance: Simplifies the 8-week cutoff The new guidance allows use of an 8-week covered period from loan...
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SBA Provides Safe Harbor for PPP Loans Under $2 Million
Businesses and Non-Profit Organizations that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good...
IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans
WASHINGTON –The Internal Revenue Service on May 12th released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow...