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Changes to Paycheck Protection Program Specifically Impacting Small Businesses

March 5, 2021 Changes to the Paycheck Protection Program (the “PPP”) were announced on February 22, 2021 that specifically impact small businesses with fewer than 20 employees.  These changes were designed to prioritize loans to these specific small businesses.  According to the Small Business Association (the “SBA”), 98% of small businesses employ less than 20 […]

New and Temporary Changes to the PPP Loan for Small Businesses

February 26, 2021 The Biden Administration recently announced changes to the CARES Act’s paycheck protection program. The paycheck protection program offers forgivable, low-interest loans to businesses to help meet payroll obligations and keep their employees employed. On February 22, 2021, President Biden announced a two-week window during which only small businesses with fewer than 20 […]

CARES Act Employee Retention Credit – Defining Qualified 2020 and 2021 Paid Wages

February 22, 2021 In response to the economic downturn at the start of the coronavirus pandemic, Congress passed an employee retention credit under Section 2301 of the CARES Act. The employee retention credit is a refundable tax credit for qualified wages paid from March 13, 2020, through June 30, 2021, by eligible employers. But, different […]

The Revised Ohio Limited Liability Company Act

February 22, 2021 The Ohio General Assembly recently enacted the Ohio Revised Limited Liability Company Act (the “Revised Act”) to replace the Ohio Limited Liability Company Act (the “Current Act”) that dates back to 1994. The Revised Act keeps many of the familiar aspects of the Current Act, while making some significant changes to promote […]

COVID-19 Economic Relief and the Employee Retention Credit

December 23, 2020 *On Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021 (the Act). The Act contains numerous individual, business, payroll, and disaster-related tax provisions that relate to the COVID-19 pandemic. The Act extended and made several changes to the employee retention credit, which we discussed below. the Act’s extension of and […]

Paycheck Protection Program: IRS Confirms Expenses Are Not Deductible

November 19, 2020 Our firm continues to stay on top of the Paycheck Protection Program (PPP) and its impact on our business clients, and individual owners of flow-through entities. With some very timely guidance, the U.S. Treasury Department and IRS released direction clarifying the tax treatment of expenses where a PPP loan has not been […]

Paycheck Protection Program Loan Necessity Questionnaire

November 4, 2020 The Small Business Association (the “SBA”) has begun requesting new and additional information from borrowers of Paycheck Protection Program (“PPP”) loans of $2 million or more, specifically related to the good faith certification. Prior to and since applying for the PPP, borrowers have been concerned about the certification that they were making […]

Paycheck Protection Program, Change of Ownership Requirements

October 14, 2020 On October 2, 2020, the Small Business Administration (the “SBA”) issued a long-awaited procedural notice (the “SBA Notice”) regarding change of ownership for borrowers that participated in the Paycheck Protection Program (“PPP”) loan process. According to the SBA, the purpose of the notice is to provide information concerning the required procedures for […]

ESOPs: The Business Succession Solution

October 2, 2020 An employee stock ownership plan (ESOP) offers you the opportunity to secure your business legacy in a variety of ways. There will always be a tax-exempt buyer for the stock of your company, and you can continue to guide the culture that has benefited your employees and customers over the years. Plus, […]

Business Succession: The Win-Win Solution

September 4, 2020 Business owners search for business succession solutions that are financially fair, low cost and tax efficient while also beneficial for employees and customers.  The universe of solutions is usually limited to the following: Transfers to family members which, with family trusts, can be relatively tax efficient for set periods of time, but […]