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Congress Passes Favorable PPP Loan Legislation

June 2020
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SBA Releases Application for PPP Loan Forgiveness

May 2020
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SBA Issues Additional Guidance Regarding PPP Loan Certifications

May 2020
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Deductibility of Expenses Funded with PPP Loan Proceeds

May 2020
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Additional Scrutiny for Certain PPP Loan Borrowers

April 2020
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Congress Authorizes Additional Funding for Small Business Loan Programs

April 2020
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Technical Correction Provides Immediate Tax Benefit for Accelerated Depreciation on Qualified Improvement Property

April 2020
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SBA Issues Additional PPP Guidance for Self-Employed Individuals

April 2020
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IRS Provides Guidance for Net Operating Loss Carrybacks

April 2020
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IRS Postpones More Filing and Payment Deadlines

April 2020
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Treasury and SBA Issues Additional Guidance on PPP Loans

April 2020 The Small Business Administration (“SBA”), in consultation with the U.S. Treasury Department, issued a series of FAQs designed to provide clarification of the Paycheck Protection Program (“PPP”) established in the Coronavirus Aid, Relief, and Economic Security Act (“CARES”).
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Applying for Small Business Administration Loan Programs

April 2020
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COVID-19 State Tax Due Date Relief

April 2020
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IRS Postpones Gift Tax Return Due Date to July 15, 2020

March 2020 March 30, 2020 - As noted in a previous WP Tax Alert, the IRS issued Notice 2020-18 that postponed the due date for tax filings and payments originally due on April 15, 2020 to July 15, 2020.
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IRS Sets April 1, 2020 Effective Date for Employment Tax Credit Rules

March 2020 March 30, 2020 - Congress recently passed the “Families First Coronavirus Response Act” (“FFCRA”, Act”) that requires certain employers with less than 500 employees to provide COVID-19 related sick and family leave to their employees. 
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Senate Passes $2 Trillion Coronavirus Economic Stimulus Package

March 2020 March 27, 2020 - On March 25, 2020, the United States Senate unanimously passed the “Coronavirus Aid, Relief, and Economic Security” Act (“CARES”, “Act”).
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IRS Issues Additional Guidance on Payroll Tax Credits

March 2020 March 25, 2020 - Last week, Congress passed the “Families First Coronavirus Relief Act” (“Act”) that requires certain employers with less than 500 employees to provide COVID-19 related sick and family leave to their employees
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IRS Issues Additional Guidance on Postponement of April 15 Deadline

March 2020 March 25, 2020 - Last week, the IRS issued Notice 2020-18 that postponed the date for filing Federal income tax returns and paying Federal income taxes due on April 15, 2020.
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IRS Extends April 15 Filing Deadline

March 2020 On March 20, the IRS issued Notice 2020-18 that postpones the April 15, 2020 filing deadline to July 15, 2020. 
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Tax Credits in Coronavirus Relief Act for Employer Sick and Family Leave Benefits

March 2020 March 20, 2020 - On March 16, the U.S. House of Representatives passed H.R. 6201, the “Families First Coronavirus Response Act” (“FFCRA”, “Act”) following a series of technical corrections from the original version of the bill that was overwhelmingly passed on March 14.
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