Williams Benator & Libby

If You Guessed PPP Loans Are Tax-Free, Guess Again

Many small businesses have been approved for and now may have received loans through the Paycheck Protection Program (PPP). The PPP was created as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), passed in April, 2020. The PPP loans may not have to be repaid... Read more

Q&A: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

(UPDATED 4/16/20) On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package designed to increase liquidity in the economy through measures including relaxation of limits on business deductions, tax deferrals and direct recovery rebates for taxpayers. According... Read more

New SBA Guidance Updates PPP Application Process for Partnerships, LLCs and Self-Employed Individuals

The Small Business Administration (SBA) has issued a new interim final rule clarifying Paycheck Protection Program (PPP) eligibility criteria and application requirements for self-employed individuals, and for partners and members of partnerships and LLCs. The key update is that partners or members of partnerships and LLCs should NOT apply for individual PPP loans,... Read more

IRS Extends Additional Deadlines

In this time of widespread uncertainty, the Department of Treasury and the Internal Revenue Service have attempted to calm some nerves by announcing the extension of several deadlines for both individuals and businesses. Below is a summary of the most recent changes published in Notice 2020-23. Extension of time... Read more

Fed Announces $600 Billion Main Street Business Lending Program

On Thursday, April 9, 2020, the Federal Reserve announced the creation of the $600 million Main Street Business Lending Program which will complement the Paycheck Protection Program (PPP) and extend loans to businesses too large to meet the eligibility requirements of the PPP.  What is the Main Street Business... Read more

IRS Extends Tax Filing Deadline

In the rapidly evolving world of tax-related announcements stemming from the COVID-19 outbreak, the IRS announced an expansion of the extension rules it laid out just two days earlier. The previous notice (2020-17) extended a limited amount of tax payments due April 15, 2020, but did not provide an extension... Read more