Many thousands of businesses and nonprofit organizations across the United States have applied for Paycheck Protection Program Loans (“PPP Loans”). Recent news reports have highlighted certain borrowers who have returned PPP Loan funds because they did not believe...
COVID-19 Update for Non-Religious and Faith-Based For-Profit and Nonprofit Employers
As employers, businesses and nonprofit organizations have many questions about the impact of the various relief measures enacted by Congress or implemented by the United States Government, including Small Business Administration (SBA) loan programs, tax credits, paid...
The CARES Act—Economic Injury Disaster Loan (EIDL) Program, EIDL Grants/Advances, and the Paycheck Protection Program Loan (PPP Loan)
This advisory will provide summaries of the following: I. Economic Injury Disaster Loan (EIDL) Program and Emergency EIDL Grants/Advances under the CARES Act (Sections 1107 and 1110) as enacted on March 27, 2020. II. Paycheck Protection Program Loan (“PPP Loan”) Key...
Partnership and LLC Agreements Require Amendment Due to Major Changes to Tax Audit Rules for Tax Years Beginning After December 31, 2017
SUMMARY: The Bipartisan Budget Act of 2015 (“BBA”) enacted major changes to federal income tax law regarding IRS audits of entities taxable as partnerships and their partners/members. The new rules, including proposed regulations, become mandatory for tax years...