In recognition of the continuing economic hardship caused by the COVID-19 pandemic, the Internal Revenue Service is easing its collection activities to avoid the seizure of bank accounts containing either…
Continue Reading IRS Restricts Levy Actions Involving EIP or PPP Funds
The U.S. Justice Department announced its first civil settlement with a Paycheck Protection Program borrower alleged to have committed fraud in connection with this highly popular COVID-19 relief program. A
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Continue Reading Civil Settlement in PPP Loan Fraud Case Opens New Battle Lines
By Maureen Monaghan and Adam Young
The Consolidated Appropriations Act, 2021 (Act), signed into law on December 27, 2020, amends certain tax provisions of the Coronavirus Aid, Relief, and Economic…
Continue Reading Congress Enhances Significant Tax Breaks for Businesses in Consolidated Appropriations Act
The $900 billion Consolidated Appropriations Act of 2021 (the Act) modifies the Paycheck Protection Program (PPP) in a variety of business-friendly ways likely to benefit both…
Continue Reading For Existing PPP Borrowers, Stimulus Bill Expands Forgivable Uses and Eases Tax Consequences
By Matthew D. Lee and Marissa Koblitz Kingman
This month’s court-ordered release of Paycheck Protection Program (PPP) loan data is expected to result in intense scrutiny of the loan forgiveness
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Continue Reading PPP Data Dump Places Loan Forgiveness Applications Under a Microscope
By Paul B. Edelberg, Elizabeth J. Hampton and Gabriel B. Herman
In its massive new pandemic relief and stimulus package, Congress has significantly modified the Paycheck Protection Program (PPP)…
Continue Reading Stimulus Package Expands PPP, Simplifies Loan Forgiveness and Adds Disaster Grants
On October 26, the Small Business Administration (SBA) published a notice in the Federal Register seeking approval from the Office of Management and Budget to release…
Continue Reading SBA Announces New Paycheck Protection Program Loan Necessity Questionnaire
By Matthew D. Lee and Marissa Koblitz Kingman
While the $525 billion Paycheck Protection Program (PPP), enacted as part of the CARES Act, has undoubtedly helped millions of deserving businesses…
Continue Reading PPP Loan Fraud Enforcement 2.0: Preparing for the Next Round of Scrutiny
By Matthew S. Adams, Matthew D. Lee and Christopher J. Pippett
The Small Business Administration (SBA) has opened the portal for applications for forgiveness of Paycheck Protection Program (PPP) loans…
Continue Reading Will You Be Ready for a Paycheck Protection Program Audit?
The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest…
Continue Reading Internal Revenue Service’s LB&I Division Announces Compliance Campaign Focused on TCJA
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