Blog

Tony Montanaro

Federal Reserve Announces Start of Main Street Lending Program

by Tony Montanaro
In a press release published June 15, 2020, The Federal Reserve Bank of Boston announced the opening of the much-anticipated $600 billion Main Street Lending Program ("MSLP"). Read more
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Tax

PA to provide $225 Million in Grants to Small Businesses Impacted by COVID-19

by Tony Montanaro
Governor Tom Wolf announced earlier this week a $225 million statewide grant program to assist small businesses that experienced losses as a result of the mandatory business closures due to the coronavirus pandemic. Read more
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Federal Reserve Makes Terms More Favorable for Main Street Lending Program

by Tony Montanaro
With the Main Street Lending Program (MSLP) expected to start within days, the Federal Reserve announced important changes aimed at making the loan terms even more favorable to borrowers. Read more
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Senate Passes Bill Extending Time to Use PPP Loan Funds

by Tony Montanaro
The Senate passed the Paycheck Protection Program Flexibility Act of 2020, which provides much needed relief for borrowers struggling to spend loans obtained through the Paycheck Protection Program (PPP). Read more
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Federal Reserve Prepares to Launch "Main Street Lending Program"

by Tony Montanaro
Federal Reserve Chairman Jerome Powell announced that the central bank is set to begin making loans under the $600 billion Main Street Lending Program (MSLP) that was created by the CARES Act. Read more
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SBA To Allow Lenders to Increase Existing PPP Loans for Partnerships and Seasonal Employers

by Tony Montanaro
The SBA released new interim final rules on May 13, 2020 to allow partnerships and seasonal employers to increase existing Paycheck Protection Program (PPP) loans in limited circumstances. Read more
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Treasury Provides Guidelines for Review of "Good Faith" Certification Concerning Necessity of PPP Loans

by Tony Montanaro
The Department of Treasury provided additional information regarding the SBA's review of borrower's good faith certification as to their need for a loan under the Paycheck Protection Program (PPP). Read more
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Additional Funds for Paycheck Protection Program Loans Available Soon

by Tony Montanaro
Additional funding to the Paycheck Protection Program (PPP) is expected to be signed by the president. Read more
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Achieving PPP Loan Forgiveness

by Tony Montanaro
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate but also saddled with a lot of red tape. Read more
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SBA Issues Updated Paycheck Protection Program Rules for Self-Employed Taxpayers

by Tony Montanaro
On April 14, 2020, the SBA issued supplemental interim final rules for the Paycheck Protection Program (PPP). Read more
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IRS Clarifies Rules Allowing Limited Payroll Tax Deferral for Paycheck Protection Loan Recipients

by Tony Montanaro
The IRS recently updated it's frequently asked questions providing new guidance to employers seeking deferral of employment tax deposits and payment under the CARES Act. Read more
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Loan Forgiveness Pitfalls in the Paycheck Protection Program

by Tony Montanaro
As the SBA prepares to start disbursing loans under the $349 billion Paycheck Protection Program, borrowers need to understand the requirements, and potential pitfalls, of the program's loan forgiveness provisions. Read more
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CARES Act Tax Provisions Summary

by Tony Montanaro
The Senate passed The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748 earlier this week. Read more
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Business Owners Still Not Planning For Retirement

by Tony Montanaro
Over one third (38%) of lower middle market ($5M to $50M valuation) business owners conducted no formal planning prior to the sale of their business, according to the Market Pulse Survey for 3rd quarter 20191. Read more

Expansion of ABV Credential Stirs Controversy

Destructive competition
by Tony Montanaro
The AICPA is facing backlash for its recent decision to expand eligibility for its Accredited in Business Valuation credential to non-CPAs. Read more