Qualifying to be a Small Diverse Business
If your business qualifies, Small Diverse Business certification can provide benefits under both Pennsylvania and federal law. Certification in Pennsylvania is a straightforward process that can be accomplished simultaneously with federal certification.
Is it Time to Think About an LLC for Your Business?
There are roughly 21.6 million LLCs in the United States. In comparison, there are approximately 1.7 million traditional C-Corporations, and approximately 23 million sole proprietorships. IRS statistics show a year over year increase in domestic LLCs since 2004. There are many reasons that one would choose an LLC over other entity structures, including, without limitation, […]
American Rescue Plan (ARP) Act of 2021 Notes and Highlights
The American Rescue Plan Act of 2021 (the “ARP”) is the latest in Coronavirus relief legislation. On March 10, 2021, the House of Representatives passed the bill as amended by the Senate. President Biden signed the ARP into legislation on March 11. Below is a summary of the provisions that will have a direct impact […]
Tax Treatment of PPP Loans – Where Do We Stand?
When the CARES Act was passed in March 2020, one area that remained uncertain was the tax treatment of the Paycheck Protection Program (PPP) loan forgiveness and whether it would be treated as taxable income to borrowers who had this debt discharged. The way this forgiveness would be handled potentially affected the millions of businesses […]
Paycheck Protection Program Round Two – Are You Eligible to Pursue a Second Loan?
On Monday, January 11, 2021, the U.S. Small Business Administration (the SBA) along with the Treasury Department re-opened the Paycheck Protection Program (PPP) for both new and existing borrowers. This article focuses on existing PPP borrowers and outlines the steps to take to apply for a second draw PPP loan. Business principals considering a PPP […]
Marie K. McConnell Elected CREW Lehigh Valley President
Fitzpatrick Lentz & Bubba congratulates Marie K. McConnell, who was elected President of CREW Lehigh Valley’s Board of Directors for the 2021 term. CREW Lehigh Valley is the premier commercial real estate network in northeast Pennsylvania recognized for professionalism, leadership and expertise. Its core purpose is to advance the success of women in commercial real […]
Northampton County Reopened Its COVID-19 Relief Grant Program
Good news for small businesses. On November 20, 2020, the Northampton County COVID-19 Relief Small Business Grant Program re-opened and is currently accepting applications. Northampton County Council has approved this Grant Program, in partnership with the Greater Lehigh Valley Chamber of Commerce, that will distribute $1.3 million dollars of CARES Act Funds to Northampton County […]
Paycheck Protection Program (PPP): Beware of Email Scams
The United States Small Business Administration (SBA) has issued a warning about email scams related to the Paycheck Protection Program (PPP) and its borrowers. Borrowers are reporting receiving emails from “sba-attorneys.com” that inform the recipient PPP funds were issued to them erroneously and action must be taken to avoid “potential criminal liability.” This email is […]
Webinar: Protect Your Hospital’s Nonprofit Status — Preparing for Local, State and Federal Challenges
Challenges to the nonprofit status of hospitals and health systems are becoming increasingly common, with attacks coming from multiple fronts. Many nonprofit hospitals and health systems are facing litigation, the results of which could be very costly. FLB will be co-hosting a live webinar featuring Chair of our Corporate, Business & Banking Group, Marie K. […]
SBA Procedural Notice for PPP Loan Forgiveness
On July 23, 2020, the Small Business Administration (SBA) issued a procedural notice to lenders participating in the Paycheck Protection Program (PPP) concerning the loan forgiveness application process. The notice informs lenders that beginning August 10, 2020, they may begin submitting forgiveness applications through an online platform. The notice states that the SBA intends to […]