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McBrayer Blogs

UPDATE: The Taxman Still Cometh, but It's a Little Later for Some Kentuckians Impacted by Severe Storms

UPDATE: The IRS has announced tax relief for taxpayers in the following additional counties due to severe storms and flooding that began February 27, 2021: Anderson, Bell, Calloway, Clark, Edmonson, Fayette, Graves, Greenup, Harlan, Jessamine, Laurel, Leslie, Letcher, Madison, Menifee, Owsley, Perry, Pike, Powell, Pulaski, Union, Warren, Whitley and Woodford counties. Additionally, the Kentucky Department of Revenue has agreed to apply the same rules as the IRS for filing and payment of income tax withholding for these taxpayers. 

Kentucky residents and businesses impacted by late-February storms and flooding can cross looming tax deadlines off their immediate list of worries. For those in impacted counties, the IRS has extended certain deadlines falling on or after February 27, 2021 to June 30, 2021. These include: More >

New Kentucky Law Protects Businesses from COVID-19 Liability

Kentucky recently joined a growing group of states who have passed measures to protect private businesses from coronavirus-related lawsuits. Senate Bill 5 cleared the Kentucky Senate in early March and the House soon thereafter. It became law on Monday, April 11, without the Governor’s signature. More >

Deadline to Apply for PPP Loans Extended to May 31, 2021

Employers hoping to take advantage of the Paycheck Protection Program in 2021 have a bit more time to apply. On March 30, President Biden signed the PPP Extension Act of 2021, which extends the application deadline to May 31, 2021 and extends the PPP authorization through June 30, 2021 to provide the Small Business Administration additional time to process applications received by the May 31 deadline. More >

New Guidance on Change of Ownership Issues for PPP Loans

Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, small businesses around the nation have received Paycheck Protection Program (“PPP”) loans to stay afloat during the pandemic, but the rules regarding these disbursements haven’t always been so clear. On October 2, 2020, the Small Business Administration (“SBA”) issued guidance to all SBA employees and PPP lenders to clarify the requirements around the ownership of businesses receiving PPP loans. More >

Federal Reserve Announces Expansion of Main Street Lending Program

The Federal Reserve expanded the Main Street Lending Program on Monday, June 8, 2020. The expansion allows for more small and medium-sized businesses to receive support during the COVID-19 pandemic. The Main Street Lending Program was established to support lending to businesses who were in sound financial condition before the pandemic began. More >

Best Practices for Transitioning to the Virtual Workplace

Over the past few months, most businesses have been forced to adapt the way they operate due to the COVID-19 pandemic. A common adaptation has been to move toward a virtual business – for both services and employees. This transition brings a host of new concerns related to cybersecurity and the protection of client, employee, and organization information. More >

Payroll Protection Program Flexibility Act provides some latitude with loans

The Payroll Protection Program Flexibility Act (PPPFA) was signed into law on June 5, 2020. The Act is intended to address several concerns expressed by stakeholders regarding the Payroll Protection Program (PPP) that was introduced as a part of the Coronavirus Aid, Relief, and Economic Security Act passed on March 27, 2020. More >

An ADA Compliant Website Has Never Been More Important

Now, more than ever, a business’s website is its storefront. This was the emerging trend even before the public health and safety of our country required Americans to stay home. And shop from home. And conduct business from home. More >

Payroll Protection Program Loan Forgiveness Applications Now Available

The United States Small Business Administration (SBA) has made the applications for Payroll Protection Program (PPP) loan forgiveness available on their website.

Businesses who obtained PPP loans as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act are eligible to have those loans forgiven in full if used within an eight-week period for a specific set of payroll and business needs. More >

Additional Guidance Provided for PPP Loans as Policing of Funds Begins

The Payroll Protection Program (PPP), established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, extended a lifeline to businesses during the COVID-19 pandemic by making more than $650 billion dollars in loans available along with the opportunity for full loan forgiveness if certain criteria are met. This amount of money, however, brings an increased likelihood for scrutiny from the Federal government. More >

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