NEW SBA GUIDANCE ON LAID-OFF WORKERS WHO REFUSE TO BE REHIRED

The SBA has issued new guidance (FAQ #40) that Taxpayers who apply for loan forgiveness will not be required to reduce laid-off workers from the forgiveness calculation if the employer made a good faith written offer to rehire the employee(s) for the same salary/wages and the same number of hours. This should be welcome news as the decision to accept on offer to rehire is not under the control of the employer.

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© 2020. This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.

NEW IRS GUIDANCE WILL IMPACT PPP LOAN RECIPIENTS

The IRS has issued new guidance (IRS Notice 2020-32) that Taxpayers who receive loan forgiveness of some or all of a PPP Loan will not be allowed a tax deduction for the corresponding expenses. As a result, accounting for PPP Loan proceeds and expenses just got a lot more challenging.

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© . This publication is intended for general informational purposes only and does not, nor is it intended to, provide the reader with legal advice of any kind. This publication does not, nor is it intended to, create any attorney-client relationship. Readers should consult with their own attorney to discuss the legal implications of any content in this publication to their particular situation.