The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP loans received, the state in which the borrower is located, and other information.
The list released by SBA/Treasury contains expected information about borrowers in many industries, including restaurants, construction, and other industries hard-hit by the COVID-19 pandemic, and certainly in need of financial help to get through the economic uncertainly and ...
A lot has happened since the final regulations revising the hardship distribution rules were issued on September 23, 2019 (the “Hardship Regulations”). The Secure Act was enacted in December 2019, followed by the Cares Act in March 2020, along numerous extensions of various deadlines related to employee benefit compliance. On top of that, the country is in the middle of the COVID-19 pandemic resulting in widespread business and employment disruptions. Needless to say, it would not be a surprise if the Hardship Regulations and the amendments necessary to implement them have ...
The Paycheck Protection Program under the CARES Act ended June 30, 2020, and with over $520 billion loaned to nearly 4.9 million self-employed individuals and businesses. The PPP was hastily passed by Congress and inconsistently-interpreted by government agencies. Over $125 billion remained available under the PPP, but because of the often complex and uncertain conditions for receiving loans under the program no one was interested in receiving these remaining funds - even where they could have been forgiven.
With the US economy still struggling, Congress has now rushed to pass an ...
In disputed tax cases in South Carolina, the South Carolina Department of Revenue (SCDOR, DOR, or Department) will often argue that our courts should defer to SCDOR’s own interpretation of the tax laws at issue in the case. Whether SCDOR’s administrative views are entitled to any weight and, if so, to what extent, are for our courts to decide. In the recent decision of Synovus Bank v. South Carolina Department of Revenue, Docket No. 17-ALJ-17-0418-CC, the South Carolina Administrative Law Court (SCALC or ALC) identified the standard under which SCDOR’s administrative ...
This week the US Department of Justice (“DOJ”) announced a trio of criminal prosecutions for fraudulent PPP loan applications. Each involved inter-agency investigations involving the IRS Criminal Investigation Division (“IRS-CI”) and the inspector generals of banking agencies or the SBA.
On Monday, June 22, DOJ announced wire-fraud charges against a Massachusetts man who fraudulently applied for over $13 million in PPP loans, ultimately receiving over $2 million. It’s here.
On Tuesday, June 23, DOJ unsealed an indictment charging a Texas man with wire fraud, false ...
The U.S. Justice Department has opened an investigation into businesses and self-employed individuals that applied for loans under the Paycheck Protection Program. Over $500 million in loans to over 4.6 million businesses and individuals have been made under the PPP, and with over $100 million still available under the PPP to be loaned.
In connection with this investigation, Assistant Attorney General Brian Benczkowski, head of the Department of Justice’s criminal division, stated “whenever there’s a trillion dollars out on the street that quickly, the fraudsters are ...
Banks have loaned over $500 billion in PPP loans under the CARES Act, and to over 4.6 million businesses and self-employed individuals. These PPP loans are critical for these businesses and individuals – and their employees – to survive the economic devastation wrought by the COVID-10 pandemic.
PPP loans are administered by the U.S. Small Business Administration (SBA), and the SBA has issued a steady stream of administrative guidance concerning its interpretation of the Payroll Protection Program. Some of this SBA guidance is based on the agency’s interpretation of the ...
1. Do I have to take my required minimum distributions (RMD) in 2020?
No. Required minimum distribution rules do not apply for 2020 for IRAs, Roth IRAs, qualified defined contribution plans, 403(b) plans and government-employer type 457 plans.
2. Does that mean my RMD in 2021 will be doubled? Is 2020 just postponed?
No. Your 2021 RMD will be calculated the exact same way as if you had taken your 2020 RMD.
Added bonus: If you turned 70 1/2 in 2019 and did not yet take your 2019 RMD, you do not have to take your 2019 or your 2020 RMD.
3. What if I already took my RMD for 2020?
If you are within the 60 ...
Many South Carolinians who have been furloughed or laid-off from work have received unemployment benefits from the South Carolina Department of Workforce. These benefits have been increased under the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and where an individual can be paid up to $926/week for 33 weeks.
The CARES Act significantly expanded unemployment benefits for workers impacted by the Coronavirus (COVID-19) outbreak. For unemployed workers, the CARES Act funds the following additional benefits under South Carolina’s unemployment ...
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher income individuals). The stimulus payment provided by the CARES Act is structured as a refundable federal income tax credit.
South Carolina does not allow individuals to deduct federal income taxes in arriving at South Carolina taxable income. Consequently, federal tax credits generally have no impact on an individual’s South Carolina income tax ...