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Regulatory Update: IRS Clarifies Handling of Deferred Payroll Taxes

(from Journal of Accountancy) The IRS has issued guidance ( Notice 2021-11 ) to address how employers who elected to defer certain employees’ payroll taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year. Notice 2020-65 gave employers the...


Blog Entry
Regulatory Update: SBA Details Revenue Reduction Calculations for PPP Loans

(from Journal of Accountancy) The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document Tuesday detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists...


Blog Entry
Regulatory Update: PPP Applications for Smaller Loans Open Friday

(from the Journal of Accountancy) The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the U.S. Small Business Administration and Treasury announced. The opening, which will take place at 9 a.m. ET, applies...


Blog Entry
Regulatory Update: New PPP Applications Open Monday

(from Journal of Accountancy) The Paycheck Protection Program (PPP) will reopen Monday, January 11, 2021, for select lenders and borrowers, the U.S. Small Business Administration and Treasury announced Friday. The SBA and Treasury said in a news release that initially only community financial...


Blog Entry
Round 2 PPP Loans: Highlights for Independent Schools

(from multiple sources) The latest COVID relief bill, the Consolidated Appropriations Act, passed on Monday, December 21, outlined parameters for new borrowers of PPP loans and borrowers seeking to receive a second PPP loan (a “second draw” loan). The act appropriates $284.45 billion for both...


Blog Entry
Regulatory Update: Stimulus Bill Gives Employers Option of Extending FFCRA Leave

(From Robbins Schwartz) On December 27, 2020, the federal government authorized a new $900 billion stimulus package, the Consolidated Appropriations Act, to provide additional relief relative to the economic impact of the COVID-19 pandemic. A portion of the stimulus funds will be used to extend...


Blog Entry
Regulatory Update: New COVID-19 Relief Bill Includes PPP Funding

(From NBOA) On Monday, December 21, 2020, the U.S. Senate and House of Representatives passed a new COVID-19 relief bill that that includes a new round of Payroll Protection Program loans (PPP2). These loans will be available to first time qualified borrowers, and businesses that received a...


Blog Entry
Regulatory Update: EEOC Guidance on COVID-19 Vaccination for Employers

(From the National Law Review) On December 16, 2020, the Equal Employment Opportunity Commission (EEOC) issued its first direct guidance for employers regarding COVID-19 vaccines approved or authorized by the FDA. These are the important takeaways for employers under the federal employment laws:...


Blog Entry
SBA Requires Larger Borrowers To Share More Detail on PPP Need

(from Venable) On October 26, 2020, the Small Business Administration (SBA) said it would utilize Loan Necessity Questionnaires in connection with its Paycheck Protection Program (PPP) loan review process. Borrowers who, together with their affiliates, received loans with an original...


Blog Entry
Regulatory Update: New Temporary Rule for FFCRA

The information below is accurate as of press time. However, as the situation surrounding COVID-19 continues to evolve, it's possible that some data have changed since publication. Additionally, this information is provided for general educational purposes only. It should not be relied upon as,...