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This article is reproduced with permission from Spidell Publishing, Inc

On April 23, 2020, the SBA (Small Business Administration) issued FAQ 31, which was 20 days after the agency received the earliest applications for PPP loans

Lawmakers are continuing talks on a "phase four” economic relief package in response to the COVID-19 global pandemic

As a result of the retroactive assignment of a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017, QIP generally qualifies for bonus depreciation, and typically at a 100% rate

The IRS has issued guidance providing administrative relief under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) for taxpayers with net operating losses (NOLs)

The IRS has released guidance on making the following elections for the business interest deduction limitation: The election out of the 50% adjusted taxable income (ATI) limitation for tax years beginning in 2019 and 2020 under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

The IRS has announced that the employment tax credits for paid qualified sick leave and family leave wages required by the Families First Coronavirus Response Act (the Act) will apply to wages and compensation paid for periods from April 1, 2020 to December 31, 2020

The IRS has provided penalty relief for failure to deposit employment taxes under Internal Revenue Code Section 6656 to employers entitled to the new refundable tax credits provided under the Families First Coronavirus Response Act (Families First Act) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Members of the Senate Finance Committee introduced the Small Business Expenses Protection Act of 2020 on May 6

The SBA has released the long-awaited loan forgiveness guidance and a Loan Forgiveness Application that Paycheck Protection Program borrowers should submit to their lenders

We are here to help you navigate through the information and implementation during this extremely difficult time