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Small Business Administration Grants Extension for Borrowers to Return PPP Loans Without Penalty
On the evening of May 5, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, extended the date from May 7 to May 14, 2020 for borrowers to return PPP loans without penalty. This refers to loans for which borrowers may not have an economic need under the new guidance.
Deduction for Expenses Related to Forgiven PPP Loans Non-Deductible
The details behind the Paycheck Protection Program (PPP) continue to evolve and many aspects of the program remain uncertain. The CARES Act was clear that the amount of loan forgiveness will not be included in gross income for federal income tax purposes.
Borrowers Can Return PPP Loans by May 7, 2020 Without Penalty
Recently, there have been a number of high-profile cases of public companies and large venture-backed private companies that have given back loans received under the Paycheck Protection Program (PPP). Several large restaurant groups, including Potbelly Corp., Shake Shack and the parent company of Ruth’s Chris Steak House, have recently returned loan funds.
Paycheck Protection Program: Additional Money, Loan Forgiveness and Other Guidance
The Senate has approved the Paycheck Protection Program and Health Care Enhancement Act which provides an additional $310 billion of funding for the Paycheck Protection Program loan program along with $60 billion for additional disaster relief loans and grants. The House is expected to approve the Act and the President is expected to sign into law today.
Paycheck Protection Program: Rules for Self-Employed Persons Issued
On April 14, 2020, the Treasury Department issued its third formal Interim Final Rule related to the Paycheck Protection Program (PPP).
CARES Act Issues Facing Real Estate Clients
There are a few items in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other recent legislation that have a direct effect on many of our real estate clients.
IRS Provides Additional Required Minimum Distribution Relief for Taxpayers Affected by the Coronavirus Pandemic
Last Thursday, the IRS issued Notice 2020-23, which postponed due dates with respect to Federal tax returns and payments, and certain time-sensitive actions. This Client Alert addresses how this notice applies to required minimum distributions (RMDs) for retirement plans and IRA’s.
Federal Single Audit and Illinois’ GATA Deadlines Extended
In a memorandum from the U.S. Office of Management and Budget (OMB) on March 19, 2020, OMB provided short-term relief to recipients affected by COVID-19. The relief provisions are related to various administrative, financial management and audit requirements under the Uniform Guidance.
BREAKING NEWS: IRS Extends More Tax Deadlines
In Notice 2020-23, the Internal Revenue Service has extended the payment and filing obligations for certain income tax returns and income taxes due (originally or pursuant to an extension) on or after April 1, 2020 and before July 15, 2020. The due date of these extended payment and filing obligations is now July 15, 2020.
Illinois Estimated Tax Payment Rules for 2020
As we previously reported, Illinois extended the filing and payment deadline for 2019 income tax returns to July 15, 2020. However, Illinois did not extend the due date for taxpayers who need to remit estimated tax payments for calendar year 2020.