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  • Shuttered Venue Operators Grant Program

    In the next few days, the Small Business Administration (SBA) will open the application process for the Shuttered Venue Operators Grant (SVOG). Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.

  • Webinar: Updates to the Paycheck Protection Program & Other Issues

    Join us on Thursday, March 18 for the second installment in our 3-Part webinar series on the Paycheck Protection Program and formulate your game-plan before you apply for forgiveness.

  • Podcast: When Is Form 1099-C Required of Lenders?

    When debt is forgiven, as much of the funding lent through the CARES Act’s PPP may be, a lender may be required to file IRS Form 1099-C with the IRS and to furnish a copy to the borrower. As a lender, do I need to file the 1099-C when I forgive a PPP loan, or when we finalize a restructuring or settle a case alleging a violation of state or Federal lending law?

  • Reporting Attorney Payments to the IRS

    Do I have to report to the IRS a payment I make to a lawyer? If you make payments to a lawyer, you may be required to file an IRS form to report that payment. For a payment to a lawyer to be reportable to the IRS, it must meet two conditions: (1) it mustMore

  • IRS Acknowledges Congressional Reversal on Deducting Eligible PPP Expenses

    In a previous alert (Yes, I Can Deduct Expenses Paid with a Forgiven PPP Loan) we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income” of a PPP loan. Today, the Internal Revenue Service issued Revenue Ruling 2021-2, which reflects this change in the law.

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