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Category: Estate Planning and Probate

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.

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New PPP FAQs – Good News for Necessity Requirement

Posted March 12, 2021 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News
As addressed in previous Legal Beats, in order to qualify for a Paycheck Protection Program (“PPP”) second draw loan, the borrower must demonstrate that they had a 25% reduction in gross revenues, comparing a 2020 calendar quarter to a comparable 2019 calendar quarter (i.e., comparing the 2nd quarter of 2020 to the 2nd quarter of 2019, 3rd quarter to 3rd quarter, etc.), in order to qualify for a PPP second draw loan.  As was the case with PPP first draw loans, borrowers must certify in good faith that “current economic uncertainty makes the loan request necessary to support the ongoing operations of the borrower”.  Originally, during the early days of the PPP program, the “necessity” requirement created much uncertainty, as numerous large businesses, such as Shake Shack and Ruth Chris Steakhouse, applied for and obtained tens of millions dollars of PPP loans, resulting in the SBA reminding borrowers of their good faith certification of necessity. As a result, in a FAQ issued by the SBA last spring, it stated that loans with an original principal balance of less than $2 million will be deemed to have made the required certification concerning the necessity of the PPP loan request in good faith. 

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PPP Update - New Rule Good News for Schedule C Filers

Posted March 8, 2021 in Mitchell F. Green, Robert M. Kramer, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News
The US Small Business Administration (“SBA”) recognizes that many independent contractors and sole proprietors were not able to borrow sufficient funds because their net income, as opposed to their gross income, was nominal, resulting from the incurrence of ongoing operating expenses, regardless of the economic impact the COVID-19 crisis was having on their business. As a result, the SBA issued a new Paycheck Protection Program (“PPP”) Interim Final Rule (“Rule”) on March 3, 2021, which will permit independent contractors and sole proprietors who file Schedule C Business form as part of their 1040 Income Tax return to to base their PPP Loan upon their “gross income” (line 7 of Schedule C), for their first draw PPP loan, if no loan has yet been received and/or for their second draw PPP loan, if the first loan has been received and used.  The gross income reported on line 7 will still be capped at the same $100,000 as was net profit, so the maximum loan a Schedule C taxpayer may receive remains at $20,833 ($100,000 x 20.833%). 

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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:

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HOW TO SET UP YOUR ESTATE PLAN DURING THE CORONAVIRUS PANDEMIC

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

The coronavirus global pandemic has made people confront their mortality and spurred many to think about an estate plan. If you are one of them, you may be wondering, what documents you need and how to have them prepared and executed while maintaining the safety of social distancing.

 

The estate planning documents you need during a pandemic or other crisis:

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