By: Scott Borsack Yesterday the US House of Representatives overwhelmingly passed HR 7010, the Paycheck Protection Program Flexibility Act of 2020 (by a vote of 417 to 1) which if approved by the Senate and signed by the President will make significant adjustments to the Paycheck Protection Program. Specifically the bill does the following: [...]
By: Scott Borsack As the late nightly newscasts were running through their copy one last time before going on the air Friday evening, the SBA released more guidance to start your holiday weekend. Most of it was helpful. Here are some of the highlights: 1. Where there is both a reduction in wages and [...]
By: Scott Borsack The SBA has released its first version of the application for loan forgiveness. You can download a copy of the application from our website by clicking here. The instructions for the application have provided some additional information on the forgiveness process and interpretation of expenses eligible for forgiveness. This is just the [...]
By: Scott Borsack Less than an hour ago the SBA released “guidance” on the eligibility issue. Originally borrowers were given until May 7, 2020 to satisfy themselves that they met the standard that “current economic uncertainly makes this loan request necessary to support current operations…” SBA then extended the deadline to return funds with [...]
By: Scott Borsack Sometime before May 14, 2020 the Small Business Administration (the “SBA”) will issue new rules which some Paycheck Protection Program (“PPP”) borrowers will have to act upon before the clock strikes midnight and the calendar turns to May 15, 2020. Specifically, the SBA will be speaking to whether borrowers needed their [...]
The COVID-19 crisis has created extraordinary challenges for non-profit agencies throughout the Trenton/Princeton area. Particularly hard hit are those organizations that provide services to our neediest population. As such, Szaferman Lakind is continuing its support of such agencies by contributing $5,000 to the Rescue Mission of Trenton. This is the third such donation during [...]
By: Jeffrey Hall This has been a most unusual tax appeal season. Normally, most assessments must be appealed by April 1st (May 1st in a revaluation municipality) but not this year! On March 19, the Supreme Court issued an Order under the authority of the New Jersey Constitution. NJ CONST. ART. VI Sec. 2, [...]
By: Scott Borsack On April 23, 2020, the Department of Treasury announced that Ruth’s Chris Steak House was returning their Paycheck Protection Program (PPP) loan proceeds and that further guidance would be released on qualification for the loan by large companies with adequate courses of liquidity to support the ongoing operations of a business. [...]
By: Michael Brottman On March 16, 2020, Governor Murphy signed Executive Order 104, which implemented aggressive social distancing measures to mitigate the spread of COVID-19 in New Jersey. Businesses or institutions deemed essential were excluded from Executive Order 104 and were permitted to continue operating. Since that time employees of grocery stores, pharmacies, gas [...]
By: Scott Borsack Now that you have submitted your application for a Paycheck Protection Program (“PPP”) loan and your financial institution has accepted the application, it’s time to start planning for spending the loan proceeds. In order for the “loan” to be forgiven, a borrower must spend the proceeds on eligible expenditures, which consist [...]
