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Author Archive for Wayne Naegele

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Congress Extends PPP Application Deadline to August 8th

Congress Extends PPP Application Deadline to August 8th July 2, 2020 Dear Clients, Colleagues and Friends, On Wednesday, The U.S. House of Representatives unanimously voted to extend the Paycheck Protection Program (PPP) application deadline from June 30, 2020 until August 8, 2020. The extension is welcomed news for small businesses who have not yet applied […]

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PPP Loan Forgiveness Application Changes and New EZ Form

PPP Loan Forgiveness Application Changes and New EZ Form June 25, 2020 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration has released an updated loan forgiveness application and instructions for Paycheck Protection Program loans. There is now a shorter, simplified “EZ” application that borrowers may qualify to use. Here are some key highlights […]

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SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs

SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs June 17, 2020 Dear Clients, Colleagues and Friends, The US Small Business Administration has reopened their Economic Injury Disaster Loan (“EIDL”) program to eligible small businesses. The program was suspended for a period of time, and during that time was only open to businesses in the Agricultural industry. […]

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IRS Releases Guidance Related to Loans Received from Paycheck Protection Program

IRS Releases Guidance Related to Loans Received from Paycheck Protection Program The IRS has provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. Act Sec. 1106(i) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) did not address whether generally allowable deductions such […]

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Paycheck Protection Program Flexibility Act of 2020

Paycheck Protection Program Flexibility Act of 2020 June 4, 2020 Dear Clients, Colleagues and Friends, Yesterday, the Senate unanimously passed H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. The bill must now be signed by the President to become law. Here are some of the key points of the bill: Borrowers now have […]

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New York Forward Loan Fund (NYFLF)

New York Forward Loan Fund (NYFLF) May 22, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. New York Forward Loan Fund New York Forward Loan Fund (NYFLF) is a new economic recovery loan […]

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PPP Loan Forgiveness Application and Main Street Lending Program

PPP Loan Forgiveness Application and Main Street Lending Program May 19, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. Paycheck Protection Program (PPP) Loan Forgiveness Application The Small Business Administration (SBA) stated on […]

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Senate Passes $484B Coronavirus Relief Package to Help Small Businesses, Hospitals, and to Expand Testing

Senate Passes $484B Coronavirus Relief Package to Help Small Businesses, Hospitals, and to Expand Testing April 22, 2020 Dear Clients, Colleagues and Friends, After nearly two weeks of negotiations, the Senate has passed an additional COVID-19 relief package worth $484 billion. Highlights of the bill include an additional $310 billion in funding for the Paycheck Protection Program […]

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NYS Updates Re: Health Insurance and Unemployment Insurance

NYS Updates Re: Health Insurance and Unemployment Insurance April 3, 2020 Dear Clients, Colleagues and Friends, Governor Andrew M. Cuomo announced that through June 1, 2020, consumers and businesses experiencing financial hardship due to COVID-19 may defer paying premiums under individual and small group commercial health insurance plans. Following the Governor’s announcement, the New York […]

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IMPORTANT – DEADLINE FRIDAY 04/03/2020 – NYC Employee Retention Grant Program

IMPORTANT – DEADLINE FRIDAY 04/03/2020 – NYC Employee Retention Grant Program April 1, 2020 Dear Clients, Colleagues and Friends, The NYC Employee Grant Program is an immediate response to small businesses affected by the COVID-19 outbreak and was put in place to provide services for businesses with one to four employees that can demonstrate at […]

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