Paycheck Protection Program loan forgiveness deadlines are on the horizon. Borrowers must submit forgiveness applications to lenders 10 months from the end of their covered periods, so borrowers receiving PPP loans in early- to mid-April 2020 have due dates starting in July 2021. If a loan forgiveness application is received by the due date, payments...
These days the IRS is investigating all types of fraud and getting serious about slapping fines on offenders. The IRS is now investigating domestic employment - their efforts are no longer limited to financial technology companies and unreported cryptocurrency transactions, false unemployment compensation claims, and PPP Loan fraud. Lately there has been a significant trend...
The American Rescue Plan Act allocated an additional $7.25 Billion for PPP forgivable loans for small businesses and earmarked targeted grants to those hardest hit by pandemic-related economic slowdowns. Restaurants and bars are among the businesses most hurt by the stay-at-home and social-distancing restrictions imposed during the pandemic, and now have a “seat at the...
On November 20, 2020, the Centers for Medicare & Medicaid Services (CMS) issued a final rule to modernize and clarify the Stark Law. This reflects the most recent efforts by the Department of Health and Human Services (HHS) to establish exceptions and safe harbors to appropriately tailor the reach of the Stark Law’s strict liability-based...
The SBA announced extended deferral periods for all of its disaster loans, including the COVID EIDL loans. Most small businesses that received an EIDL won’t have to start making payments on the loan until 2022. The deferral details differ depending on the calendar year the disaster loan was made: For all SBA disaster loans made...
