Ideas & Insights

The Restaurant Revitalization Fund is coming – SBA website soon to be operational – applicants should be ready.

PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.

In response to the pandemic, the Canadian government introduced support programs that could benefit U.S. multinationals.

American Rescue Plan Act of 2021 creates $28.6 billion grant program for restaurants and other food or beverage service companies.

Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.

Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.

SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.

SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.

Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.

Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.

PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).

IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.

The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.

Procedural guidance provides taxpayers with an opportunity to apply bonus depreciation regulations retroactively and reconsider elections.

Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.

For corporations with NOLs that anticipate 2021 income, a change of fiscal year may mitigate the impact of the 80% NOL deduction limitation.

The IRS confirmed its taxpayer-unfavorable interpretation of deadline extension provisions for like-kind exchanges affected by COVID-19.

SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.

Guidance addresses owner-employee ownership thresholds, related party rents and costs for tenants or sub-tenants or home-based businesses.