SBA ISSUES INTERIM FINAL RULE ON PAYCHECK PROTECTION PROGRAM AND IRS PUBLISHES Q AND A’S ON FFCRA TAX CREDITS AND CARES EMPLOYEE RETENTION CREDIT

Continuing with our effort to keep clients of The Kullman Firm apprised of constantly-evolving legal developments in the wake of the COVID-19 pandemic, businesses should be aware that the Small Business Administration just published an “Interim Final Rule“ proposing regulations interpreting the provisions of the Paycheck Protection Program. That Rule can be accessed at https://content.sba.gov/sites/default/files/2020-04/PPP–IFRN%20FINAL.pdf

The IRS also recently published two sets of “Q and A’s” providing guidance on some of the details of the tax credits available to employers under the FFCRA, as well as more information regarding the “Employee Retention Credit under the CARES Act.” Those two sets of Q and A’s may be accessed, respectively, at: https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs, and  https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

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If you have any questions about any of the details of the newly-issued proposed regulations and guidance, please do not hesitate to contact the attorney(s) with him you work at The Kullman Firm.