The Small Business Administration (SBA) has extended its grace period until May 14, 2020 (previously May 7) for applicants to repay their Paycheck Protection Program (“PPP”) loans provided by the CARES Act in full if they do not meet the required eligibility in order to be deemed to have made the required certification in good faith without repercussion. Background [...]

The State of California aims to move into Stage 2 of the state’s reopening plan by the end of this week (May 8), allowing the return of retail, manufacturing and other “low-risk businesses.” New physical distancing measures should be followed and implemented in order for these businesses to reopen. Additionally, the Centers for Medicare and Medicaid Services (CMS) ha [...]

During the COVID-19 pandemic, it is noticeable that while some food items are properly stocked during store visits, some items are flying off the shelves and continually low in supply. Forgetting toilet paper, hand sanitizer and cleaning supplies (which are always in short supply), there have been many food products – both branded and private label – that have done ex [...]

As businesses look for economy recovery amid COVID-19, GHJ Media and Advertising Expert Dan Landes talks with Senior Director at Banc of California Adrian Ward and GHJ State and Local Tax Leader Frances Ellington on the opportunities the CARES Act brings for entertainment businesses in GHJ’s Media Clips podcast. Find out from the experts how banks are navigating clien [...]

In response to the COVID-19 pandemic, Paycheck Protection Program (PPP) loans, administered under the Small Business Administration (SBA) 7(a) guaranty loan program, are being provided through local financial institutions. These loans have been made available to both for-profit and nonprofit organizations. PPP Loan Guidance A common question GHJ has received is [...]

The Centers for Disease Control and Prevention (“CDC”) released guidance for cleaning and disinfecting public spaces, workplaces, businesses, schools and homes. Each entity should consider the CDC’s guidance in preparation for re-opening business in California and across the country, which is summarized as follows: Evaluate the workplace to determine what kinds of su [...]

Health Resources and Services Administration (HRSA) recently issued clarification on how fund are to be used from Coronavirus Preparedness and Response Supplemental Appropriations Act 2020 (COVID-19 H8C) and Coronavirus Aid, Relief, and Economic Security Act (CARES H8D). Background As noted in GHJ’s earlier blogs, on March 24, 2020, HSRA announced the relates of $ [...]

On April 30, the Federal Reserve announced long-awaited details to the Main Street lending programs. There are significant updates to the original Term Sheet announced on April 9. The Announcement There are now three programs available to borrowers, and GHJ highlights the two newly announced programs below. FeaturesNew Loans ProgramPriority Loans ProgramSize [...]

This data has changed due to new legislation, please reach out to your advisor to get the latest on PPP forgiveness. The Paycheck Protection Program (“PPP”) funding provided by the CARES Act has attracted much demand, to the extent that the first round of funding was depleted in just 14 days, and the second round of funding is now underway. As the next phase of t [...]

With the recent release of much-anticipated guidance, the IRS has confirmed their position that business expenses paid with Paycheck Protection Program (PPP) funds that are forgiven cannot be deducted for federal tax purposes. This guidance now places the responsibility on Congress to take legislative action if their intention was to ensure deductibility of business e [...]