COVID-19 Resources: Private Business
Please be patient with the links from the latest omnibus legislation (Consolidated Appropriations Act, 2021). They load slowly but will take you directly to the reference. The complete text of the law is available in PDF format here. You can search using the section numbers provided in the references.
Federal Loans
- Sec. 311 of the Consolidated Appropriations Act, 2021: Availability of second draw PPP loans. New
- Sec. 304 of the Consolidated Appropriations Act, 2021: Additional eligible expenses for PPP loans. New
- Sec. 276 of the Consolidated Appropriations Act, 2021: Clarification of tax treatment of forgiveness of covered PPP loans. New
- Sec. 288 of the Consolidated Appropriations Act, 2021: Retroactive updates to the Families First Coronavirus Response Act treatment of credits for paid sick and family leave. New
- Sec. 207 of the Consolidated Appropriations Act, 2021: Extension and Modification of the Employee Retention and Rehiring Tax Credit. Updated
- PPP FAQ for Lenders and Borrowers. Updated
- Loan Forgiveness Application.
- Other PPP Information.
- How to use a PPP loan to refinance an Economic Injury Disaster Loan (EIDL).
- President Signs PPP Flexibility Act
- FAQ update regarding borrowers' self-certification verifying the necessity of the loan. FAQ –see #31 and #46
- Borrowers must adhere to federal nondiscrimination regulations. (The loan is considered federal financial assistance) Published on the SBA website. and in the Treasury website.
Compliance Issues
- The Office of Management and Budget published the Addendum to the Compliance Supplement it issued in August, 2020. New
- Employee Retention Credit
- Deferral of Payment of Employer Portion of Social Security Taxes
- Paid Sick Leave/Family Leave Credit
- Modifications to the Limitations on Net Operating Losses
- Modifications of Limitations on Business Interest
- Modification of Credit for Prior Year Minimum Tax Liability of Corporations
- Mandated Sick Leave
- Student Loan Benefit
- High Deductible Health Plans
- Credit Reporting and the CARES Act
- CARES Act Impacts Bankruptcy Debt Limits
