Business
What’s in the $900 Billion Pandemic Relief Package? – Updated
On December 21st, Congress passed a $900 billion pandemic relief package that was signed into law by the president on December 27th. The bill comes with a second round of direct stimulus payments and expanded…
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IRS Releases Guidance Clarifying Rules for Expenses Paid with PPP Funds
On November 18th, the IRS and the Treasury Department released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year…
Continue ReadingSimpler PPP Forgiveness Announced for Loans of $50,000 or Less
On October 8th, the U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50…
Continue ReadingBurlington County to Offer Zero-Interest Loans to Small Businesses
The Burlington County Board of Chosen Freeholders and Burlington County Bridge Commission announced the launch of a new interest-free loan program aimed specifically at aiding small businesses impacted…
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$15M added to NJ Grant Helping Small Businesses
Small businesses still waiting for state assistance may have a better chance at relief after Gov. Phil Murphy said his administration will offer another $15 million in grants. Murphy announced the third…
Continue ReadingNew Jersey Family Leave Insurance Update Effective July 1, 2020
Family Leave Insurance provides New Jersey workers cash benefits to bond with a newborn, newly adopted, newly placed foster child, or to provide care for a seriously ill or injured family member. While…
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SBA Revises Guidance on PPP Loan Forgiveness, Updated Application Released
On June 11th, the Small Business Administration (SBA) released a revised Interim Final Rule covering the PPP Loan forgiveness process based on the new legislation included in the PPP Flexibility Act. This…
Continue ReadingPaycheck Protection Program Changes on the Horizon
Last night, the Senate passed new PPP legislation called the Paycheck Protection Program Flexibility Act, which was passed by the House last week. It now heads to the President’s desk where he is expected…
Continue ReadingLoan Forgiveness Application Released for Paycheck Protection Program
On May 15th, the Small Business Administration (SBA) along with the U.S. Department of the Treasury released the long awaited Paycheck Protection Program Loan Forgiveness Application along with detailed…
Continue ReadingSBA Provides Guidance on How it Will Review Borrowers’ Economic Necessity Certifications
On May 13, 2020, the SBA updated its Frequently Asked Questions, adding Question 46 which provides some guidance on how the SBA will review borrowers’ economic necessity certifications. There is good…
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