4000 Hollywood Blvd. Suite 485 South Hollywood, FL 33021
CALL US TODAY: (954) 966-2112

News & Resources

Category: Articles

PPP deadline extended to May 31

Posted March 29, 2021 in Mitchell F. Green, Robert M. Kramer, Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News
Thousands of small businesses scrambling to stay afloat as a result of COVID-19 are getting extra time to apply for PPP loans. By a 92-7 margin, on Friday, the Senate passed the PPP Extension Act of 2021 (“Act”), extending until May 31 the deadline for Paycheck Protection Program applications. The PPP was scheduled to sunset Wednesday, a timeline that could have prevented some 190,000 small businesses who have pending PPP applications from securing a loan. Previously, on March 16, the House passed the Act, by a 415-3 vote. This was a rare show of overwhelming bipartisan support! The Act also gives the SBA an additional 30 days beyond May 31 to process those loans. The Act now goes to President Joe Biden for his signature.

Read More

Biden Administration Takes Steps to Promote Equitable Access to SBA Relief

Posted February 22, 2021 in Mitchell F. Green, Robert M. Kramer, Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News
On Monday, February 22, President Biden announced the following changes to SBA's coronavirus relief programs to ensure equity: Specifically, on Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021. SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:

Read More

New IFRs For Paycheck Protection Program Second Draw Loans

Posted January 10, 2021 in Mitchell F. Green, Robert M. Kramer, Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News

On January 6, 2021, the SBA issued interim final rules (“IFRs”) regarding the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act). The Economic Aid Act authorizes the SBA to guarantee loans under the Paycheck Protection Program (PPP), which was established under the Coronavirus Aid, Relief, and Economic Security Act. The Economic Aid Act adds a second temporary program to SBA’s 7(a) Loan Program titled, “Paycheck Protection Program Second Draw Loans.” The SBA may guarantee loans under the PPP Second Draw Program under generally the same terms and conditions available under to borrowers through March 31, 2021 (“Second Draw PPP Loans”) that previously received a PPP loan (“First Draw PPP Loans”) and have used or will use the full amount of the initial PPP loan for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan. The key differences between First Draw PPP Loans and Second Draw PPP Loans are described in the IFR, which explains the loan terms, eligibility requirements, and application process for Second Draw PPP Loans. The last day to apply for and receive a PPP loan is March 31, 2021.

Read More

PPP Borrower Tax Relief Under New Act

Posted December 30, 2020 in Mitchell F. Green, Robert M. Kramer, Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate
Under the Coronavirus Response And Relief Supplemental Appropriations Act of 2021(the “Act”), passed last week by Congress and ultimately signed into law,  PPP borrowers will now be able to deduct payroll and non-payroll expenses funded with their PPP loans, and will not have to include PPP loan forgiveness in income. PPP Loan Deductibility For the majority of existing PPP borrowers, the most significant change in the PPP rules confirms that, despite recent IRS rulings to the contrary, they will not lose the income tax deduction that was originally expected to be available for payroll and non-payroll expenses funded and paid from PPP loans, which expenses are normally tax deductible. The CARES Act originally provided that the forgiveness of a PPP loan would not be included in income. Shortly thereafter, the IRS issued Revenue Notice 2020-32, which stated that expenses paid from a  forgivable PPP loan would not be deductible. The Act now clearly indicates that expenses paid with a PPP loan will be deductible! The vast majority of PPP borrowers used their loan money to pay wages, payroll tax expenses, utilities, rent, and interest, which are all normally tax deductible. 

Read More

Search

Categories

RSS Feed

Archives

Material presented on the Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. website is intended for information purposes only. It is not intended as professional advice and should not be construed as such. The material presented on this site is included with the understanding and agreement that Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A.is not engaged in rendering legal or other professional services by posting said material. The services of a competent professional should be sought if legal or other specific expert assistance is required. Any unauthorized use of material contained herein is at the user’s own risk. Transmission of the information and material herein is not intended to create, and receipt does not constitute, an agreement to create an attorney-client relationship with Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. or any member thereof. This website is not intended to be advertising and Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. does not wish to represent anyone desiring representation based upon viewing this website in any state or jurisdiction where this website fails to comply with all laws and ethical rules. This website is not intended to constitute legal advice or the provision of legal services. By posting and/or maintaining this website and its contents, Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. does not intend to solicit legal business from clients located in states or jurisdictions where Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. or its individual attorneys are not licensed or authorized to practice law. Some links within this website may lead to other sites. Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. does not necessarily sponsor, endorse or otherwise approve of the materials appearing in such sites.

© Copyright 2015 Kramer, Green, Zuckerman, Greene and Buchsbaum, P.A. All Rights Reserved. Sitemap | Law Firm Essentials by PaperStreet Web Design