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IRS Opines on Tax Consequences of Forgiven PPP Loans

May 1, 2020

Under the federal government’s Paycheck Protection Program, businesses receiving SBA loans may have the loans forgiven if the proceeds are used to cover payroll, employee benefits, and certain other costs. Under the CARES Act, the forgiveness of the loan is not taxable. However, there was no specific provision in the statute regarding the deductibility of the expenses covered by the forgiven loan. The IRS has issued Notice 2020-32 holding that these expenses are not deductible since they, in effect, give rise to nontaxable income in the form of the loan forgiveness.  It appears that although this opinion may be technically […]

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Reorganization and Bankruptcy

April 27, 2020

Due to the impact of the current health crisis, a business owner may need additional time or an amicable arrangement to pay its creditors. At difficult times like these, it is advantageous for creditors to cooperate with their debtors, including forgiving or postponing the payment of debt. Although working through this current health crisis on our own may be preferable, some businesses may decide to file for bankruptcy to obtain protection from its creditors.   Under the Federal United States Bankruptcy Code, a business can choose between reorganizing under Chapter 11 or liquidating under Chapter 7.  However, bankruptcy does not have […]

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SBA Programs – Scams and Fraud Alerts

April 26, 2020

From the U.S. Small Business Administration*: The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing. Scams and Fraud Schemes Grants SBA […]

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The Small Business Administration Will Resume Accepting PPP Loan Applications on Monday, April 27

From the U.S. Small Business Administration*: Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): “We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic. We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is […]

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OUR COMMUNITY GIVING BACK

April 24, 2020

In light of the current health crisis it is important to remember that despite the negativity and isolation we are surrounded by we are also surrounded by acts of kindness and a community that comes together to support those battling on the front-line of this pandemic. As a firm, Gettry Marcus has always been whole-heartedly devoted to fundraising activities focused on contributing to our community, and we are proud to be surrounded by clients, friends and family that share these same values. Client Spotlight: Food Trends, a client of Gettry Marcus, is running a fundraising campaign to provide meals for […]

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CARES Act Provider Relief Fund

April 21, 2020

Key Provisions and Eligibility Requirements On March 27, 2020, the Provider Relief Fund (the “Fund”) was created as part of the CARES Act, the Fund provides $100 billion in relief funds to hospitals and other healthcare providers that must be used to support healthcare-related expenses or lost revenue attributable to COVID-19, and to ensure uninsured Americans can get testing and treatment for COVID-19.  Payments received under this program, which are being administered by the Department of Health and Human Services (”HHS”), are not loans and, therefore, do not have to be repaid.  The Fund is being distributed in two separate tranches […]

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WEBINAR: Loan Forgiveness Under the CARES Act Paycheck Protection Program

April 18, 2020

Gettry Marcus CPA, P.C. presented: Loan Forgiveness Under the CARES Act Paycheck Protection Program: Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness Now that many small businesses have received or are waiting for funding of their Paycheck Protection Program (“PPP”) loans, focus should now turn to the Loan Forgiveness phase of the PPP Loan program. While applying for loan forgiveness does not start until after June 30, 2020, what you do during the 8-week “Covered Period”, which begins on the date of loan origination, can impact the amount of loan forgiveness received. For this […]

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WEBINAR: Monetizing the Tax Changes in the CARES Act for Real Estate Owners

April 17, 2020

Gettry Marcus CPA, P.C. presented: Monetizing the Tax Changes in the CARES Act for Real Estate Owners Topics that will be addressed include: Depreciation of qualified improvement property Suspension of loss limitation provisions Net-operating loss utilization Cost segregation maximization Wealth transfer with regards to real estate valuations PROGRAM PANELISTS Stephen Breitstone, Esq., Partner at Meltzer, Lippe, Goldstein & Breitstone, LLP, focuses on private wealth, business & real estate taxation. Stephen has the rare combination of skills as a transactional income tax attorney and as an estate planner. This combination enables him to effectively advise his private clients on their individual needs […]

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Summary of Government Loans Available as a Result of the COVID-19 Health Crisis

April 16, 2020

While many of you have become well-versed in the CARES Act’s Payroll Protection Program (PPP) loan application process and are giving thought to addressing the PPP Loan Forgiveness Calculations, we thought that now would be a good time to consider and understand what other loans are available from the Federal Government as a result of the COVID-19 health crisis.  As always, the Gettry Marcus Financial Assistance Services Group is here to help. SBA Economic Injury Disaster Loans (EIDL) Maximum borrowing under this program is $2m with loan proceeds used to pay fixed debts, payroll, accounts payable, and other bills that […]

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The Main Street Lending Program

Key Provisions and Eligibility Requirements On April 9, 2020, in response to the current health pandemic, the U.S. Treasury established the Main Street Lending Program (the “Program”), a $600 billion government-backed program that is being administered by the US Treasury under the Federal Reserve Act.  The loans available under the Program are intended for larger businesses that generally do not meet the eligibility requirements of SBA Economic Injury Disaster Loans (“EIDL”) or the CARES Act Payroll Protection Program (“PPP”) loans.  For this reason, loan sizes in this Program will be significantly greater than EIDL or PPP loans.  It should also be noted that […]

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