Guidance Issued on the Paycheck Protection Program Flexibility Act

Payroll Protection Program Funds Are Still Available! If the current economic uncertainty is affecting your business, there is good news, funds are still available under the Paycheck Protection Program. However, borrowers need to act quickly because the deadline to receive a loan number from the SBA is June 30, 2020, and the lender will need […]

Congress Passes the Paycheck Protection Program Flexibility Act

What This Means for Borrowers The coverage period is extended! Borrowers now have 24 weeks from the origination date (or until December 31, 2020, whichever is earlier) to utilize the funds for approved expenditures. This is a substantial increase from the initial eight-week coverage period. This flexibility allows companies that are still not fully operational […]

Helping children through the COVID-19 pandemic

With schools closed across the country, the absence of personal computers in homes can pose a substantial obstacle for students trying to do their schoolwork from home. Houston-based charity Comp-U-Dopt has been working for years to close this gap, diligently pursuing their mission to provide computers to children in need. Desroches Partners has long supported […]

New loan relief announced for employers with up to 10,000 employees

Main Street New Loan Facility Effective April 9, 2020 1 Program: The Main Street New Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized businesses by Eligible Lenders. Under the Facility and the Main Street Expanded Loan Facility (“MSELF”), a […]

IRS grants everyone more time for other deadlines

Taxpayers were granted additional, broad tax filing and payment deadline relief by the IRS late on Thursday, April 10, in line with relief requested by the AICPA over the past several weeks amid the coronavirus pandemic. The new relief, issued in Notice 2020-23, applies to all taxpayers that have a filing or payment deadline falling […]

Staying sane during these crazy times

Live on purpose Knowing why you get up in the morning and what drives you is kind of important. Keep structure in your day This keeps you moving in the right direction and builds positive momentum. Make daily deposits into your optimism account Refuse to feed negative thoughts or the endless what-if’s out there. Stay […]

SBA programs to help small businesses impacted by coronavirus

Through the recent CARES act, the United States federal government has dedicated over $350 billion in relief for small businesses available through several loan programs. Businesses are eligible if they have fewer than 500 employees and certify that their business has been impacted by COVID‐19. These loans are called: Paycheck Protection Program Economic Injury Disaster […]