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Topic: Federal And Ny State Business Relief Programs

New York Forward Loan Fund Provides Additional Support for Small Businesses and Nonprofits
By Jonathan Tretter, CPA on May 27, 2020

New York State in conjunction with Empire State Development and Homes and Community Renewal recently announced a new economic loan recovery program designed for targeted small businesses,...

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CARES Act: IRS Issues Guidance on Deferral of Employer Social Security Taxes
By Freed Maxick on May 6, 2020

The recently enacted $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a provision which allows employers to defer the deposit and payment of the...

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IRS Notice 2020-32: Deductibility of Expenses When a Loan is Forgiven Under Paycheck Protection Program
By Freed Maxick on May 1, 2020

The notice provides clarification around Federal income tax deductions related to Paycheck Protection Program loans. It states that no deduction is allowed for an expense that is otherwise...

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Federal Reserve Announces an Expansion of Scope and Eligibility of the Main Street Lending Program
By Ryan E. Caster, CPA on April 30, 2020

Federal Reserve expands the loan options available to businesses and increases the maximum size of organizations eligible to participate Overview On April 9th, the Federal Reserve provided...

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Unemployment Insurance Benefits in NYS Under the CARES Act
By Julie Becht on April 20, 2020

In response to the Coronavirus Pandemic, on March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2 trillion stimulus bill. The Relief...

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Paycheck Protection Loans Provide Relief to Small Businesses Under Stimulus Package
By Freed Maxick on April 20, 2020

As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Paycheck Protection Program (PPP) provides $349 billion of loan funds to support small businesses and...

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