Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term loans of up to $50,000 for small businesses. If so, you have already benefited, or soon will...
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On March 27, 2020, President Trump signed the #Coronavirus Aid, Relief, and Economic Security Act (#CARESAct) into law. As described in our previous posts and client alerts, the law provides more than US$2 trillion in emergency economic relief to individuals and businesses affected by the coronavirus through numerous new stimulus and aid programs. Paycheck Protection Program (PPP) – 7(a) Loan Program Section 1102 of the...
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Commissioner Chuck Rettig announced the IRS People First Initiative to provide immediate relief to help people facing uncertainty over taxes during the health crisis. Highlights of the key actions in the IRS People First Initiative include: Installment Agreements Existing Installment Agreements–For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are...
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These are unprecedented times in our economy. We continue to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus (COVID-19). The U.S. Small Business Administration (“SBA”) is offering loans through additional funding provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Donald Trump. SBA Disaster Loans as a Tool for...
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