Williams Mullen

COVID-19 has turned businesses and their anticipated returns upside down. While stimulus programs under the CARES Act, like the Small Business Administration‘s Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP), offer assistance to individuals and businesses, shifts in policy guidance and reporting implications have made the use of such funds confusing to say the least.

Coronavirus also interrupted the typical tax season, and the federal government responded by extending deadlines and providing relief through elements of the CARES Act.

Our tax and financial services attorneys are actively advising clients on managing their response to COVID-19. Below, you will find helpful resources to guide you as you move forward. 

FAQs/Resources | On-Demand Learning | Alerts

FAQS/RESOURCES 

• Main Street Lending Program (Chart)
   
• SBA Affiliation Rules: Are Startups and Portfolio Companies Ineligible for PPP and EIDL Loans? (Chart) 
  
• Summary of SBA Loan Programs under the CARES Act (Chart) 
  
  

ON-DEMAND LEARNING

• Webinar: Turnaround and Survival Strategies from a Corporate Finance & Legal Perspective
  Williams Mullen lawyers provide a framework for recovery, concepts, cash flow suggestions and legal concepts for consideration. 
   
• Webinar: Webinar: COVID-19: What It Means For Employers and Employees
  This webinar provides practical advice on how to take advantage of the offerings from the Small Business Administration‘s Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP).
   
• Webinar: Wealth Transfer Planning During the Pandemic: Change and Opportunity
  Our world has undergone a relatively immediate and significant change as a result of the COVID-19 pandemic. Businesses, financial markets, schools, health care systems, tax laws, and our daily lives have changed and been disrupted in response to the pandemic. This program will focus on the wealth transfer planning considerations and opportunities created in this new world.
  
  

ALERTS

• 3.16.2021 | American Rescue Plan Act of 2021 Includes Business Tax Provisions

• 12.23.2020 | Tax Extenders Included in Spending and Pandemic Relief Bill

• 8.25.2020 | Mergers and Acquisitions with PPP or EIDL Borrowers: Considerations for Buyers, Sellers, and Lenders

• 8.11.2020 | IRS Extends Historic Tax Credit Substantial Rehabilitation Deadline

• 7.7.2020 | IRS Issues Compliance Regulations for LIHTC Projects and COVID-19 Relief

• 6.15.2020 | Opening of Main Street Lending Program with Improved Terms

• 6.9.2020 | IRS Provides Much-Needed Relief for OZ Investors, QOFs and OZ Businesses

• 6.2.2020 | Treasury Department Leverages PPP Forgiveness to Require Employers to Disclose Job Offer Rejections to State Unemployment Agencies

• 5.26.2020 | IRS Issues Proposed Regs on Rehabilitation Credit

• 5.5.2020 | IRS Denies Deduction for Forgiven PPP Loan Amounts Used for Business Expenses

• 4.30.2020 | Federal Reserve Expands Main Street Lending Program (Chart Included)

• 4.28.2020 | Section 83(b) Elections: Limited COVID-19 Relief, but Keep Your Records

• 4.20.2020 | Signing Estate Planning Documents During the COVID-19 Pandemic

• 4.16.2020 | CARES Act Offers Relief to Multifamily (and Senior Housing?) Borrowers with Federally Backed Loans

• 4.15.2020 | IRS Provides OZ Relief for Some, But Not All

• 4.14.2020 | IRS Provides Additional Relief for Taxpayers Affected by COVID-19

• 4.13.2020 | IRS Provides Guidance on NOL Carryback and Section 163(J) Elections

• 4.13.2020 | IRS Expands COVID-19 Relief for Filing and Payment Deadlines to Include Fiduciary Income Tax Returns, Federal Estate Tax Returns and Related Forms

• 4.10.2020 | IRS Relief for Partnerships Wanting to Amend Tax Returns

• 4.9.2020 | First Details on Main Street Lending Program for Mid-Sized Businesses

• 4.7.2020 | CARES Act: New SBA Affiliation Guidance Provides No Relief to Startups and Portfolio Companies under PPP and EIDL

• 4.7.2020 | CARES Act Mid-Sized Business Program

• 4.3.2020 | CARES Act: Will SBA Affiliation Rules Cause Startups and Portfolio Companies to be Ineligible for PPP and EIDL Loans, and is Relief on the Way?

• 4.2.2020 | WEBINAR - Wealth Transfer Planning During the Pandemic: Change and Opportunity

• 3.31.2020 | Summary of SBA Loan Programs under the CARES Act

• 3.30.2020 | IRS Extends Filing Deadline for Federal Gift Tax and Generation-Skipping Transfer Tax Returns

• 3.27.2020 | CARES Act - Changes to TCJA Provisions and other CARES Act Business Tax Provisions

• 3.27.2020 | CARES Act – Paycheck Protection Program (SBA 7(a) Loan Program)

• 3.27.2020 | Congress Set to Enhance SBA’s Emergency Disaster Loans for Small Businesses

• 3.25.2020 | SBA Provides Emergency Disaster Loans for Small Businesses

• 3.23.2020 | Treasury and IRS Move April 15 Tax Filing Deadline Amid COVID-19 Emergency

• 3.20.2020 | Virginia Announces Payment Extension and Penalty Waiver for Corporate and Individual Income Taxpayers in Response to the COVID-19 Crisis

• 3.19.2020 | Treasury Department Clarifies 90 Day Delayed Payment of Taxes Owed to Curb Impact of COVID-19

• 3.18.2020 | COVID-19 Prompts Treasury to Delay April 15 Deadline For Payment of Taxes Owed