MCB BLOG

As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.

MCB Webinar Focused on Maximizing PPP Loan Forgiveness

On June 2, MCB principals Jude Covas, Matt Dwyer, Phil Busenitz and Cindi Park presented a webinar for clients seeking information about how to maximize Paycheck Protection Program loan forgiveness. The principals reviewed the forgiveness application in detail, and...

SBA ISSUES ADDITIONAL GUIDANCE ON PPP LOAN FORGIVENESS

As a follow-up to the May 15 release of the PPP loan forgiveness application, the SBA and Treasury released two more interim final rules (IFRs) on May 22. One IFR discussed SBA loan review procedures and responsibilities for borrowers and lenders, and the other...

Medical Loss Ratio: Rebates Both Mandatory and Voluntary

What exactly is the medical loss ratio? It's a calculation the Affordable Care Act imposed on insurance companies. In brief, the MLR requires individual and small-group carriers to spend at least 80% of premiums on medical expenses; large-group plans must spend 85%....

EEOC Releases Extensive COVID-19 Guidance

In early May, the Equal Employment Opportunity Commission published extensive guidance for employers and employees on how various laws and regulations apply to the pandemic. Below are some highlights, but it's a good idea to review the entire page. Can an ADA-covered...

Why Didn’t I Get My PPP Loan?

You may have been one of the businesses that pounced on the hastily assembled Paycheck Protection Program in hopes of getting a loan. Many businesses succeeded, but some did not, and it's not always clear why. If you didn't, here are some clues why. Your first call...

CDC Gives Guidance for Reopening Businesses

No, there is no universal lifting of restrictions, but the CDC is looking forward to a time when businesses can slowly start reopening. As the CDC explains: "It's important to continue to follow federal, state, tribal, territorial, and local guidance for reopening...

IRS Gives Break on Flexible Spending Plans

The IRS has granted relief for 125 cafeteria plans, health flexible spending arrangements and dependent care assistance programs. In Notice 2020-29, the IRS has: Extended claims periods for taxpayers to apply unused amounts remaining in a health FSA or dependent care...

Breaking News: SBA Releases Paycheck Protection Program Loan Forgiveness Application

Late on May 15, the SBA released Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. Included in the 11-page document are the PPP Loan Forgiveness Calculation Form, PPP Schedule A and a related worksheet to compute payroll costs and Full-Time...

SBA EXTENDS PPP Loan REPAYMENT SAFE HARBOR TO MAY 18

Late Wednesday, May 13, the SBA added new FAQ #47 to their updated PPP Loan Guidance that PPP loans of less than $2 million will be deemed to have been made in good faith. Click here to view MCB’s article on FAQ #46.  FAQ #47 is copied below, and simply states that...

Breaking News: The Small Business Administration (SBA) has just released New PPP loan forgiveness guidance

The SBA, in consultation with the Treasury Department, has just issued new PPP Loan Forgiveness Guidance and FAQs as of May 13, 2020. Specifically, FAQ #46 addresses concerns whether businesses should return PPP funds by the May 14 deadline. FAQ #46 states that “any...

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