The Louisiana Main Street Recovery Program will begin on July 28, 2020, providing award grants to assist Louisiana small businesses in their recovery from the economic impacts of COVID-19. The program is administered through the Louisiana Department of Treasury. The funds for the Program were part of the CARES Act funding the State of Louisiana … Continued
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs … Continued
Late Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”) that enhances several of the provisions of the Payroll Protection Program (PPP) enacted as part of the CARES Act. The Act has now been sent to the President for signature. In the CARES Act, PPP borrowers were … Continued
On Friday, May 22, the SBA followed up the release of Form 3508, the Loan Forgiveness Application for Paycheck Protection Program (PPP) loans with an Interim Final Rule (IFR), finally clarifying some of the provisions related to forgiveness of PPP loans. There are several items that borrowers should be aware of that came from the … Continued
The General Ledger, Edition 2, May 26, 2020 A Message From Our Managing Partner Like all of you, we at HTB are monitoring the developments surrounding COVID-19 and evaluating how we can continue to best serve and protect our employees, communities and clients. Everyone at HTB is committed to providing our clients with uninterrupted, high-quality … Continued
On Friday, May 15, the SBA released Form 3508, the Loan Forgiveness Application for the Paycheck Protection Program (PPP) loans. Recipients of PPP loans will complete the application and submit to the lender from whom they received their PPP loan. The application consists of a three-part calculation to determine the amount eligible for forgiveness. First, … Continued
The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of … Continued
To effectively navigate this difficult crisis, business leaders need to adapt rapidly to current market conditions. Adapting could include exploring innovations, pivoting strategies, adapting delivery or business models and developing new products or services for an evolved marketplace. Being in an aggressive position as the market slowly returns in some areas and rapidly returns in … Continued
As part of the Nation’s response to the economic impacts of COVID-19, the Payroll Protection Program (PPP) was enacted as part of the CARES Act, which provided $350 billion in loans to assist businesses with payroll, rent, interest, and utilities payments. The original funding was exhausted quickly, and the PPP received an additional $310 billion … Continued
The President has signed the Paycheck Protection Program and Health Care Enhancement Act, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security … Continued
