Is it Time to Think About an LLC for Your Business?
There are roughly 21.6 million LLCs in the United States. In comparison, there are approximately 1.7 million traditional C-Corporations, and approximately 23 million sole proprietorships. IRS statistics show a year over year increase in domestic LLCs since 2004. There are many reasons that one would choose an LLC over other entity structures, including, without limitation, […]
American Rescue Plan (ARP) Act of 2021 Notes and Highlights
The American Rescue Plan Act of 2021 (the “ARP”) is the latest in Coronavirus relief legislation. On March 10, 2021, the House of Representatives passed the bill as amended by the Senate. President Biden signed the ARP into legislation on March 11. Below is a summary of the provisions that will have a direct impact […]
Tax Treatment of PPP Loans – Where Do We Stand?
When the CARES Act was passed in March 2020, one area that remained uncertain was the tax treatment of the Paycheck Protection Program (PPP) loan forgiveness and whether it would be treated as taxable income to borrowers who had this debt discharged. The way this forgiveness would be handled potentially affected the millions of businesses […]
Pennsylvania Entities – Time to Get Your Decennial Filings Ready
It’s 2021, so that means it’s time for Pennsylvania businesses and organizations to get their decennial filings ready. Every ten years, Pennsylvanian entities must submit a decennial filing or decennial report during the years ending with the numeral “1”, (i.e., 2011, 2021, 2031). The objective of these filings is for the state to reissue names […]
Paycheck Protection Program Round Two – Are You Eligible to Pursue a Second Loan?
On Monday, January 11, 2021, the U.S. Small Business Administration (the SBA) along with the Treasury Department re-opened the Paycheck Protection Program (PPP) for both new and existing borrowers. This article focuses on existing PPP borrowers and outlines the steps to take to apply for a second draw PPP loan. Business principals considering a PPP […]
Northampton County Reopened Its COVID-19 Relief Grant Program
Good news for small businesses. On November 20, 2020, the Northampton County COVID-19 Relief Small Business Grant Program re-opened and is currently accepting applications. Northampton County Council has approved this Grant Program, in partnership with the Greater Lehigh Valley Chamber of Commerce, that will distribute $1.3 million dollars of CARES Act Funds to Northampton County […]
Getting Ready for LIBOR to Disappear
Most of FLB’s business clients borrow money from commercial lenders, such as banks and credit unions. If any of your loans are priced on the basis of LIBOR (London Interbank Offered Rate), you have probably heard that this is going to change. The “sun will set” on LIBOR at the end of 2021, and lenders […]
New SBA Questionnaires for PPP Borrowers with Loans $2 Million and Above
On October 26, 2020, the U.S. Small Business Administration (SBA) issued a notice that it intends to release two new forms relating to borrowers’ good faith certifications that current economic conditions made the Paycheck Protection Program (PPP) loan necessary to ongoing business operations. The new documents are Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers) and […]
This way to the Brexit.
Whether there is a Brexit deal or not, changes are coming as of January 1, 2021. At that point, the United Kingdom will no longer be part of the European Union. Whether you import or export (or both), there is a good chance that you will be affected. Many of our clients have used the […]
Paycheck Protection Program (PPP): Beware of Email Scams
The United States Small Business Administration (SBA) has issued a warning about email scams related to the Paycheck Protection Program (PPP) and its borrowers. Borrowers are reporting receiving emails from “sba-attorneys.com” that inform the recipient PPP funds were issued to them erroneously and action must be taken to avoid “potential criminal liability.” This email is […]