On October 26, 2020, the Small Business Administration (SBA) published a notice seeking approval from the Office of Management and Budget (OMB) to release two new forms to supplement the loan forgiveness applications of larger PPP borrowers. The forms, not yet publicly available but have been circulated, will facilitate the collection of information that will be used by SBA loan reviewers to assess borrowers’ good faith certification made on their Paycheck Program Protection (“PPP”) loan application that current economic uncertainty made the loan request necessary to support their ongoing operations.
When COVID-19 hit the U.S., it brought travel to a screeching halt. As restrictions in the country loosen or are lifted altogether, many are wondering how traveling can be safely resumed, especially in a business setting. Many companies that have traditionally relied on commercial aircrafts are contemplating purchasing a private plane for associates to use instead.
The upcoming presidential election could hold long-term implications for tax reform, no matter which candidate wins. While neither campaign has released a detailed tax plan on the campaign trail, former Vice President Biden has proposed high-level policies familiar of the Obama era, and an abrupt departure from the Tax Cuts and Jobs Act (TCJA) measures put into place in 2017.
Modern Restaurant Management (MRM) magazine recently published an article by John Yeager, Managing Director of Bennett Thrasher’s Business Transformation Services practice. In the article, titled “Three Reasons to Outsource Your Restaurant’s Accounting Services,” he outlines the cost-saving and time-saving benefits of outsourcing accounting services to a skilled provider.
Bennett Thrasher and Kennesaw State University’s (KSU) College of Architecture and Construction Management are proud to share the results of their fifth annual Georgia Construction Outlook Survey. This year’s survey, which focused on COVID-19’s impact on the industry in the state, captured insights and data from over 120 privately-held construction companies, including home builders, heavy contractors, general contractors and specialty contractors.
Most Georgia residents have noticed that the state has become a major destination for the film and entertainment industry over the last several years. Known as the “Hollywood of the South,” Atlanta has become a hub for films and TV series, including The Walking Dead, The Avengers and The Hunger Games.
Countless businesses across the country have been forced to close their doors as COVID-19 continues to spread. As business owners seek to recover losses suffered due to shelter-in-place orders, many business interruption insurance claims are being denied under the assumption that closed businesses have not experienced a “direct physical loss of, or damage to, property.” In turn, business owners are taking insurers to court.
The Paycheck Protection Program Flexibility Act (PPP Flexibility Act) enacted on June 5, 2020 made certain changes to the terms of PPP loans, including extending the deferral period for borrower payments of interest to the date the SBA remits the borrower’s loan forgiveness amount to the lender, or ten months after the end of borrower’s loan forgiveness covered period if the borrower does not apply for loan forgiveness.
On October 8, 2020 the SBA and Treasury Department released a streamlined loan forgiveness application for PPP loans not exceeding $50,000. SBA Form 3508S may be used by any borrower with a total loan amount of $50,000 or less, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.
On October 2, 2020, the Small Business Administration (SBA) issued a procedural notice providing long-awaited guidance for changes of ownership of a PPP borrower.
With all eyes on the November election, many are wondering what impact the upcoming presidential and congressional races might have on estate planning. To provide answers, Bennett Thrasher’s Estates & Trusts practice partnered with BT Wealth Management and Djuric Spratt to present, “Estate Planning in an Election Year.”
As the country struggles to navigate the challenges of COVID-19, schools in particular have had to make some difficult operating decisions for their students and teachers. Some have resumed the school year in-person whereas others have opted for virtual learning, and either option contains their own challenges.