Author Archives: mgracey
COVID-19 social distancing has upended the logistical functions of nearly all aspects of American governance, including court systems. With courthouses completely or partially shuttered, the courts are rapidly expanding their reliance on remote teleconferencing capabilities and stepping-up their use of technology to keep dockets moving. Members of our firm recently attended a three-day hearing in […]
The July 15, 2020, extended deadlines for filing 2019 federal income tax returns is right around the corner, but there is still ample time for taxpayers to identify their eligibility for new or expanded tax credits and deductions and pay the appropriate amount of taxes due. Taxpayers may request an additional three months to prepare […]
The SBA this week released another round of guidance relating to the Paycheck Protection Program, including two new applications borrowers must use when seeking forgiveness of loan amounts. These updates reflect borrower-friendly changes contained in the recently enacted PPP Flexibility Act of 2020. New Applications for Loan Forgiveness In addition to issuing a revised, long-form […]
On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]
The Federal Reserve Bank has again revised the scope of its Main Street Lending Program, introduced in April to help support small and mid-size businesses suffering under the economic strain of the COVID-19 health crisis. The most recent guidance, issued on June 8, lowers the minimum loan amount, raises the maximum loan limit and extends […]
Small businesses and nonprofit organizations that received emergency, government-backed Paycheck Protection Program (PPP) loans to help them maintain their workforce during the COVID-19 crisis can breathe a sigh of relief. On June 3, Congress passed a bill giving loan recipients more time and flexibility to use those proceeds and still be eligible for complete loan […]
With much of the news surrounding the CARES Act focused on the potentially forgivable loans under the paycheck protection program (PPP), many small businesses may have forgotten that financial relief may also be available through the SBA’s existing Economic Injury Disaster Loan (EIDL) program. The SBA expanded its EIDL program in response to the COVID-19 […]
The financial impact of the COVID-19 health crisis will leave a lasting impression on individuals and businesses throughout the world. For nonprofit organizations that rely on public donations to fund research and services for those in need, the pandemic can be devastating. In response, the CARES Act offers U.S. individuals and businesses greater incentives to […]
Deciding how to title Florida homestead can be a vexing issue, especially for single property owners, including individuals who become unmarried due to death or divorce. In Florida, homestead designation provides state residents with incredible benefits, including the ability to protect a primary residence from creditors as well as a Save our Homes assessment cap […]
When filing federal tax returns and claiming credits that can reduce your tax liabilities, remember that dependents are not limited to your young children. The Tax Cuts and Jobs Act (TCJA) introduced a nonrefundable tax credit for other dependents who receive more than half of their financial support from you and who may or may […]