As Pennsylvania Re-opens for Business, Additional Guidance for Businesses is Released
As Pennsylvania re-opens for business, with all counties moving to the Yellow Phase by June 5 and some counties already in the Green Phase, new guidance has been issued for businesses as they move through the phases, in addition to the Business & Building Safety Guidelines. For counties moving into green phase the following guidance […]
PPP Loan Forgiveness – Frequently Asked Questions
Updated May 18, 2020 What is “loan forgiveness”? The main benefit of the Paycheck Protection Program (PPP) is that if the proceeds from the loan are properly spent within the eight week “Covered Period”—which begins, at the election of the applicant, on the day the PPP proceeds are deposited into the applicant’s bank account or […]
Updated PPP Good-Faith Certification Guidance
(Updated May 14, 2020) On May 13, 2020, the Treasury Department updated its Frequently Asked Question list to provide guidance regarding the much talked about “good-faith certification” that each borrower must make on its Paycheck Protection Program (PPP) application. Specifically, in order to obtain PPP funds, the borrower must certify that “Current economic uncertainty makes […]
Paycheck Protection Program and Emergency Economic Injury Disaster Grants Re-Funded
Today, April 24, 2020, President Trump signed into law an amendment to the CARES Act relating to additional funding for the Paycheck Protection Program (PPP), Emergency Economic Injury Disaster (EIDL) grants, and other disaster loans. Specifically, the amendment provides for an extra $310B in funding for PPP and $10B for EIDL grants. Additionally, $50B in […]
Prepare Today for Expected Additional PPP & EIDL Funding
Later this week and possibly as soon as Thursday, April 23, 2020, it is anticipated that Congress will approve an additional $310B in Paycheck Protection Program (PPP) funding and allocate an additional $10B for Emergency Injury Disaster Loans (EIDL) after the initial round of funding for both programs quickly dissolved. As with the first wave […]
CARES Act: Tax Implications
(Updated April 10, 2020) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law by President Trump. Although the CARES Act was drafted to predominantly assist small businesses, specific industries, and health care professionals; several of the CARES Act provisions were tax related. Our team of […]
COVID-19: PA Department of Health Order Directing Building Safety Measures
Since the Governor of Pennsylvania signed an Order Mandating Closure of All Businesses That Are Not Life Sustaining, many life-sustaining business and businesses operating under a waiver granted by the Department of Community and Economic Development have been struggling to implement appropriate new workplace/building safety rules and guidelines to keep employees and customers safe during […]
CARES Act: Paycheck Protection Program Documentation Checklist
With the recent passage of the CARES Act, the expansion of SBA 7(a) (Paycheck Protection Program) loans has left many businesses wondering what they can do to take advantage this advantageous program. While we are awaiting regulations and guidance on the implementation of the Program, we anticipate the following documents may be required when applying […]
COVID-19: Emergency Financing Options for Businesses (April 1)
(Updated April 1, 2020) The COVID-19 (Coronavirus) outbreak has left a lot of businesses struggling financially due to closures, reduced workload and supply chain issues. To assist businesses during these extraordinary times, local and federal resources are being allocated to provide various emergency funding options. This chart helps simplify the government financing options currently available, […]
FLB to Host M&A Seminar: Navigating the Deal-Buying, Selling & Valuing a Business
Business sales & acquisitions are trending significantly in today’s economy. From family business owners looking to retire and sell, to larger companies looking to make strategic acquisitions and investments, the last decade has seen a significant amount of M&A activity. To help you understand how to navigate a potential M&A deal, join FLB’s team of […]