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- Long Island, NYS entered Phase 2 of “New York Forward” initiative to re-open
- Restaurants and other businesses embrace opportunity to return to routine, normal
- Phase 2 imposes strict guidelines that must be observed in order to remain in compliance
- CRT
COVID-19 News
Day 2 of Phase 2 – Is Your Business Still In Compliance?
WSJ: Older Businesses More Successful In Securing PPP Funding
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- Data finds that older businesses achieved PPP funding quicker than newer businesses
- Approximately 60% of PPP applications were funded from April 3rd through May 16th
- Denial rate seems to hover around 8% of all PPP applications
In the great race … Continue reading
The New 60% “Cliff” and Its Potential Consequences for PPP Borrowers
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- PPPFA states at least 60% of PPP funding must be spent on payroll or payroll-related expenses
- Entirety of the loan will not be eligible for forgiveness if 60% threshold is not met
- Rubio (R-FL) said not to be comfortable with
Senate Passes House PPP Flexibility Act (Almost) Without Any Conflict
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- Senate unanimously passes PPP Flexibility Act approved by the House last week
- Cardin (D): PPP has given 4.4 million loans so far, total value of $510 billion
- Entirety of changes to PPP not yet known, expected to change multiple times
NYS Extends Quarterly Sales Tax Payment Deadline…Again
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- Tax Commissioner extends deadline to abate penalties and interest to June 22nd, 2020
- Second extension of this payment deadline, which is normally March 20th
- Initially extended to May 20th by NYS due to Coronavirus pandemic
The New York State (NYS) … Continue reading
Congress Poised to Amend PPP Forgiveness Period But Disagree on Length and Other Specifics
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- House bill passed yesterday would extend the 8-week period to 24 weeks; also amend 75% rule
- Senate marking up its own bill that would extend the 8-week period to 16 weeks
- The two bills set to clash next week as
SBA Releases PPP Loan Forgiveness Calculator
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- Application and relevant guidelines released May 15th
- SBA sought to clarify many ambiguous questions that have been raised since the PPP’s inception
- Some areas of the forgiveness calculation remain opaque as the first wave of Covered Periods ends
The Small … Continue reading
HHS Implements Rigorous Reporting Requirements for Healthcare Providers That Received CARES Funding
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- Recipients of Provider Relief Funds required to file reports quarterly, beginning June 30
- Healthcare providers rapidly approaching May 24th deadline to accept funds and T&Cs
- If lost revenues or COVID-19 expenses are less than funds received, HHS set to claw
SBA Gives Safe Harbor to Firms Requesting Less Than $2 Million in PPP Funding
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- Loan requests less than $2 million threshold now deemed to have been made “in good faith”
- SBA will conserve “finite audit resources” for larger loans, where compliance is more necessary
- Mnuchin: Criminal liability for those who lie on self-certification
On … Continue reading
The PPP Lawsuit Games: May the Odds Be Ever In Your Favor
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- California firm sues SBA, US Treasury based on updated guidance surrounding PPP
- Company argues PPP money vital to survival despite having access to additional liquidity
- Lawsuit comes as the first of many expected to be filed by businesses across the