Category: Emerging Businesses

The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now May 14, 2020. Companies that repay their loans by that date preempt the possibility of criminal liability if they’re subsequently found ineligible for PPP loans. The loans are intended to help small businesses with fewer than 500 employees weather the novel coronavirus (COVID-19) pandemic, but some large… Read more ›

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March. Among other things, it provides additional funding to two loan programs designed to help small businesses slammed by… Read more ›

The Senate has approved $320 billion in additional funding for the Paycheck Protection Program, the Small Business Administration’s business relief program that passed as part of the CARES Act on March 27, 2020. The PPP originally received $349 billion in funding to support businesses hurt by the COVID-19 pandemic. Funding quickly ran out however, as a surge in applications for relief and skyrocketing unemployment numbers reflected the significant need. The House of Representatives is expected to pass the legislation on… Read more ›

Thanks to CBM Supervisor Tom Hudson for developing the following article. On April 14, the Small Business Administration (SBA) released additional guidance that provided more information about the implementation of the Paycheck Protection Program (PPP) for self-employed taxpayers. Previously, it was not explicitly stated that taxpayers who file a Schedule C were included in the program although many interpretations of the SBA’s language indicated that they were eligible. The SBA did confirm through the most recent guidance that a taxpayer… Read more ›

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019…. Read more ›