EFM Management Update January 2021

EFM Management Update January 2021

Contained within this summary: Changes implemented as a result of H.R. 133 being signed into law on December 27, 2020 as part of the $1.4 trillion omnibus spending bill ($900 billion stimulus package) for: Small Business Administration (SBA) Paycheck Protection...

EFM Management Update December 2020

EFM Management Update December 2020

This summary includes: Small Business Administration (SBA) Paycheck Protection Program (PPP) Updates and Strategies Tax Planning Observations: Overcoming the Federal $10,000 state and local tax deduction cap through use of state entity-level income tax elections for...

Preparing to Transition Your Business

Preparing to Transition Your Business

Protect your family’s interests and your company’s continuity A closely-held family business isn’t just a major asset, it’s the culmination of your life’s work and your passion. Over the years, you perhaps imagined a scenario where you would one day hand over the...

EFM Management Update January 2021

Paycheck Protection Program Update

SBA PPP Rules Update: The SBA provided additional guidance through an IFR on the Treatment of Owners and Forgiveness of Certain Nonpayroll Costs issued on August 24, 2020 and published in the Federal Register at Vol. 85, No. 167, page 52881: Owner-Employee...

EFM Management Update January 2021

Paycheck Protection Program Recent Updates

The SBA provided additional guidance through a FAQ update 8/4/20: The Borrower is not required to make any loan payments on the PPP Loan until the forgiveness amount, which was approved, is remitted to the Lender (i.e. your bank) by the SBA.  If the loan is entirely...