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
House Introduces New Legislation Allowing Startups To Access PPP Funding
On May 8, 2020, Congresswomen Anna Enshoo and Cathy McMorris introduced the Caring for Startup Employees Act of 2020 , a bipartisan piece of legislation aimed at granting more economic assistance to startup companies through the Paycheck Protection Program (PPP). Should this bill become law, it would dramatically increase the number of companies eligible for PPP loans. Under current Small Business Administration (SBA) guidance and regulations—specifically the agency’s “affiliation rules”—many startups are unable to receive PPP funds because they do not have a majority shareholder. The Caring for . . . 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
Weekly Update for Government Contractors and Commercial Businesses – April 24, 2020
If you have questions concerning the content below, please visit this link . COVID-19 Client Resource Center: To access resources for businesses navigating the COVID-19 crisis, we invite you to visit PilieroMazza’s “ COVID-19 Client Resource Center .” Please contact covid19@pilieromazza.com for immediate assistance. SMALL BUSINESS PROGRAMS & ADVISORY SERVICES $484 Billion Relief Bill Signed Into Law, $310 Billion Allocated to Paycheck Protection Program, April 24, 2020, Dave Shafer H.R. 266 , the Paycheck Protection Program and Health Care Enhancement Act, was signed into law today. Appropriating $484 . . . Read More
Default Terminations – ASBCA Lacks Jurisdiction Over Excusable Delay, Constructive Change Defenses Not Presented to Contracting Officer for Final Decision
Westlaw Journal Government Contract recently published an article by Meghan Leemon and Lauren Brier titled “Default Terminations – ASBCA Lacks Jurisdiction Over Excusable Delay, Constructive Change Defenses Not Presented to Contracting Officer for Final Decision.” The article covers a decision from the Armed Services Board of Contract Appeals (ASBCA) that highlights the importance for prime contractors to preserve all relevant defenses to termination in advance of an appeal to the Board of Contract Appeals or Court of Federal Claims. To access the full article, please visit this link . . . Read More
Weekly Update for Government Contractors and Commercial Businesses – April 10, 2020
If you have questions concerning the content below, please visit this link . COVID-19 Client Resource Center: To access resources for businesses navigating the COVID-19 crisis, we invite you to visit PilieroMazza’s “ COVID-19 Client Resource Center .” Please contact covid19@pilieromazza.com for immediate assistance. SMALL BUSINESS PROGRAMS & ADVISORY SERVICES CARES Act Guide for Small Business Owners The U.S Senate Committee on Small Business and Entrepreneurship released a guide for major programs and initiatives under the Coronavirus Aid, Relief, and Economic Security (CARES) Act that will . . . Read More
Weekly Update for Government Contractors and Commercial Businesses – April 3, 2020
If you have questions concerning the content below, please visit this link . COVID-19 Client Resource Center: To access resources for businesses navigating the COVID-19 crisis, we invite you to visit PilieroMazza’s “ COVID-19 Client Resource Center .” Please contact covid19@pilieromazza.com for immediate assistance. CLIENT ALERT: DOL Issues Temporary Regulations the Day the FFCRA Became Law, April 2, 2020, Nichole Atallah , Sarah Nash , and Sara Nasseri . [ Read More ] CLIENT ALERT: FFCRA Leave Effective April 1: DOL Issues Additional Guidance, March 31, 2020, Nichole Atallah , Sarah Nash , and Sara Nasseri . [ Read More ] SMALL BUSINESS PROGRAMS . . . Read More