the IRS has provided much-needed clarity on the interaction of two significant, but mutually exclusive, benefits offered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and also reaffirmed its position on the nondeductibility of expenses funded with loan proceeds under the Payc...
The CARES Act establishes a new Paycheck Protection Program under the Small Business Administration’s Section 7(a) loan program designed to help eligible businesses stay open and retain employees by providing loans to pay operational costs during the COVID-19 emergency. These loans are forgivable ...
An “eligible employer” is an employer which was carrying on a trade or business during calendar year 2020, and which meets either of two conditions with respect to any calendar quarter: (1) the operation of its trade or business is fully or partially suspended due to orders from an approp...
Business clients may be eligible for financial relief through the federal Paycheck Protection Program that is being introduced as a result of the CARES Act.
Which providers were eligible to receive Provider Relief Fund funds during the first round of disbursements? All providers that received Medicare fee-for-service (“FFS”) reimbursements in 2019 should have received disbursements by April 24. Relief distributions were made based on the billing organiza...
On Tuesday the United States Senate passed by unanimous consent a $484 billion expansion of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including $310 billion for the popular Paycheck Protection Program and a $75 billion infusion of funds to support health care providers. The...
Employers who apply for and receive Paycheck Protection Program loans are not eligible for the credit. Paycheck Protection Program Provides Small Business loans to qualified businesses with less than 500 employees to cover payroll and other business operating expenses Student Loans Suspension on wage garn...
In general, tribal businesses that are considered to be separate legal entities of the tribe, with 500 employees or less may be eligible to participate in the program. For purposes of the act, the number of employees includes individuals employed on a full-time, part-time, or other basis. ...
expenses or unmet financial need as a result of the emergency. This will waive the need-based calculation and will allow students to receive an amount not in excess of the highest federal Pell Grant received this year. In addition, students who could not fulfill their eligible work study ...
In an effort to compensate health care providers (and various other industries) for expenses and lost revenues associated with the COVID-19 pandemic, the President signed into law the CARES Act on March 27. The CARES Act designated $100 billion to the Provider Relief Fund to assist health ...