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Update: Paycheck Protection Program Rules Clarified
Late on Thursday, April 2, the Treasury Department issued SBA-2020-015 that provides additional guidance regarding the Paycheck Protection Program. This Rule clarifies some items, but questions remain. Borrowers need to understand the inconsistencies between the CARES Act, the Interim Final Rule and the loan application instructions to determine the position that best fits their circumstances.
Retirement Relief Provisions Under the CARES Act
We continue to breakdown important provisions of the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, passed on March 27, 2020. This Client Alert addresses the key provisions affecting retirement plans.
IRS Retirement Plan Adoption and Amendment Deadline Relief as a Result of the CARES Act
With the passage of the Coronavirus, Aid, Relief and Economic Security (CARES) Act on March 27, 2020, the IRS provided plan adoption and amendment relief to plan sponsors. Below are updated plan adoption and amendment relief timing affecting plan sponsors.
Paycheck Protection Program
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is now law and the most impactful piece of this historic legislation is the Paycheck Protection Program. This provides nearly $350 billion in forgivable loans to qualified small businesses.
Illinois Sales Tax Deferral for Bars and Restaurants Due to Coronavirus Outbreak
Sales tax payments affecting more than 24,000 small and medium-sized bars and restaurants in Illinois can now be deferred.
BREAKING NEWS: Illinois Income Tax Filing and Payment Extension Not Perfect
On Wednesday, March 25, 2020, Governor Pritzker announced that the 2019 income tax filing and payment deadline is now extended from April 15, 2020 to July 15, 2020.
More Than $90 Million in Emergency Assistance Available for Illinois Small Businesses
On Wednesday, March 25, 2020, Governor Pritzker announced several new emergency assistance programs.
Senate Passes the Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Senate has passed the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act. It is expected to be ratified by the House and quickly signed by the President. Estimated at over $2 trillion, the relief package is the largest in U.S. history.
Small Business Administration Disaster Loans
Illinois has been declared a disaster state due to the COVID-19 pandemic. Illinois small and mid-sized businesses are now qualified to apply for SBA Economic Injury Disaster Loans up to $2 million directly through the Small Business Administration.
What You Need to Know About the Families First Coronavirus Response Act
On March 18, 2020 the Families First Coronavirus Response Act was signed into law. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs can be offset by new tax credits.