Social Engineering Fraud: 4 Steps Every Company Needs to Take Right Now
GovCon Co., a successful government contractor, receives an email from the billing or accounting representative of a trusted vendor, subcontractor, or teaming partner asking for payment of an outstanding invoice stating, “Please note our new bank account information in your system for any current and future wire transfers.” GovCon Co. wires the money to this trusted business partner, believing it has satisfied its payment obligations. A few weeks later, the business partner calls and asks why its latest invoice has . . . Read More
SBA Implements WOSB / EDWOSB Certification Requirement and Revises Economic Disadvantage Criteria for 8(a) Eligibility, Including Treatment of Retirement Accounts
Just under one year ago, we wrote about the Small Business Administration’s (SBA) proposed rule regarding implementing a certification requirement for Women-Owned Small Businesses (WOSBs) / Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs) and revised economic disadvantage criteria for 8(a) eligibility. SBA’s final rule was recently published, implementing just that. The rule will impact businesses seeking to compete for government contracts under the WOSB and 8(a) Business Development programs. WOSB / EDWOSB Certification Effective October 15, 2020, WOSB / EDWOSBs will be required to be . . . Read More
SBA Implements WOSB / EDWOSB Certification Requirement and Revises Economic Disadvantage Criteria for 8(a) Eligibility, Including Treatment of Retirement Accounts
Just under one year ago, we wrote about the Small Business Administration’s (SBA) proposed rule regarding implementing a certification requirement for Women-Owned Small Businesses (WOSBs) / Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs) and revised economic disadvantage criteria for 8(a) eligibility. SBA’s final rule was recently published, implementing just that. The rule will impact businesses seeking to compete for government contracts under the WOSB and 8(a) Business Development programs. WOSB / EDWOSB Certification Effective October 15, 2020, WOSB / EDWOSBs will be required to be . . . Read More
House Introduces Legislation To Modify Existing PPP Regulations
On May 11, 2020, Congressmen Chip Roy and Dean Phillips introduced the Paycheck Protection Flexibility Act, new legislation meant to provide additional assistance to businesses impacted the coronavirus pandemic. This bill would make major adjustments to the current Paycheck Protection Program (PPP) should it become law. Some of the notable changes the bill would make to the PPP program include: clarifying that companies can spend the PPP loan funds past the initial 8-week period and still be eligible for forgiveness; . . . Read More
New Senate Bill Could Make PPP Expenses Tax Deductible
On May 6, 2020, members of the Senate Finance Committee introduced the Small Business Expenses Protection Act of 2020 (“the Act”), legislation that would allow some small businesses to deduct from their taxes expenses paid with their forgiven Paycheck Protection Program (“PPP”) loan. Should this bill become law, it would greatly modify current regulations surrounding tax-deductible expenses for small businesses. On April 30, 2020, the Internal Revenue Service (“IRS”) issued a notice stating that no tax deduction is allowed for an expense that results in PPP loan forgiveness. . . . Read More
CARES Act and PPP: Important Updates Regarding Loan Forgiveness Calculations and Returns
On May 5, 2020, the Small Business Administration (“SBA”) and U.S. Treasury Department (“Treasury”) revised their FAQ concerning the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Paycheck Protection Program (“PPP”). Of note, this new guidance clarifies PPP loan forgiveness amount calculations and extends the deadline for PPP borrowers to return loan proceeds. According to Question 40 of the FAQ, a PPP loan borrower’s forgiveness amount will not be reduced should the company make a good faith attempt, . . . Read More
$484 Billion Relief Bill Signed Into Law, $310 Billion Allocated to Paycheck Protection Program
H.R. 266 , the Paycheck Protection Program and Health Care Enhancement Act, was signed into law today. Appropriating $484 billion in relief for the COVID-19 outbreak, it provides additional funding for small business loans, healthcare providers, and COVID-19 testing. The Small Business Administration (SBA) has been unable to accept new applications for the Paycheck Protection Program or the COVID-19 related Economic Injury Disaster Loan (EIDL) assistance program (including EIDL Advances) because Coronavirus Aid, Relief, and Economic Security Act funding was exhausted. The . . . Read More
DOL Issues Temporary Regulations the Day the FFCRA Became Law
The Families First Coronavirus Response Act (FFCRA) went into effect on April 1st. That same day, the Department of Labor (DOL) issued temporary regulations to implement the new provisions of the Expanded Paid Sick Leave Act (EPSLA) and the Expanded Family and Medical Leave Act (EFMLA). The much-anticipated regulations generally follow the additional guidance provided by the DOL in the past few weeks. We previously wrote on the FFCRA on March 18, 2020 ( link ), and on the additional guidance . . . Read More
FFCRA Leave Effective April 1: DOL Issues Additional Guidance
DOL has issued additional guidance to assist employers in providing Families First Coronavirus Response Act (FFCRA) emergency sick and family leave. We previously wrote on the FFCRA on March 18, 2020 ( link ). Below is important information to prepare for implementation this week. Will state or local isolation orders qualify an employee for FFCRA sick leave? It depends. Leave taken prior to April 1 regardless of the qualifying reason will not be eligible for FFCRA’s tax credit. However, if needed after April 1, . . . Read More
The CARES Act and Leave Guide for Employers: Deciding Which Option is Best for You and Your Employees
Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the “Act” or the “CARES Act”) on March 27, 2020 in an effort to mitigate the economic impact of COVID-19 on businesses and employees. President Trump is expected to sign the bill into law any moment. Once signed, the CARES Act allows businesses to apply for loans to continue paying employees and maintaining operations, which may be forgiven, expands on provisions of the Families First Coronavirus Act ( FFCRA ), and . . . Read More