Brennan, Manna & Diamond
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Everything you need to know about BMD and the industry.
Client Alert
IRS Guidance on Employee Retention Credit
December 11, 2020
The Employee Retention Credit created under Section 2302 of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Since the adoption of the CARES Act, employers have expressed concern that if one employer acquires another employer that previously received a PPP loan, the acquirer’s entire aggregated group may no longer be eligible to claim the Employee Retention Credit.
Posted by
Christopher J. Meager and Krista Warren with James Young
Client Alert
PPP Update: Loan Necessity Questionnaires
November 20, 2020
On October 26, 2020, the Small Business Administration (“SBA”) published a notice in the Federal Register which foreshadowed the release of two new forms seeking information from for-profit and nonprofit organizations that received Paycheck Protection Program (“PPP”) loans of $2 million or more. If approved, the SBA would use information from these forms to evaluate and determine whether economic uncertainty made a PPP loan request necessary.
Posted by
Christopher Meager, Krista Warren and James Young
Blog Post
Webinar Recording -- Paycheck Protection Program Loans: Forgiveness Applications
May 28, 2020
Paycheck Protection Program Loans: Forgiveness Applications
Posted by
BMD SBA Loan Team
Client Alert
Main Street Lending Program Waiting for Green Light from Congress – What We Know Now
April 17, 2020
What is the Main Street Lending Program? In response to the COVID-19 pandemic, the Federal Reserve established the Main Street Lending Program (“MSLP”) to enhance support for small and mid-size business that were in good financial standing before the pandemic. There are two subcategories to the MSLP: the Main Street New Loan Facility (“MSNLF”), which applies to newly issued loans for a company, and the Main Street Expanded Loan Facility (“MSELF”), which applies to refinancing of existing loans of a company. The main focus of MSLP is to retain employees (at least 90% of a business’s employees as of February 1, 2020). It is also intended to alleviate slow cash flow stress on profitable businesses.
Posted by
Cassandra L. Manna & the BMD SBA Loan Team