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“Wall Street Poised for Win on Money-Laundering Bill in Lame-Duck”

Wall Street is setting records even as millions of Main Street businesses struggle to stay alive, so what’s Congress doing?  Sneaking legislation onto the Defense Authorization Act that makes life easier for big New York City banks by shifting their money laundering responsibilities onto Main Street businesses.

The legislation, authored by Caroline Maloney (D-NY) and Maxine Waters (D-CA), accomplishes this remarkable task in two simple steps:  1) relieve banks of some of their current anti-money laundering responsibilities; and 2) impose onerous new requirements on the struggling Main Street employers.  As a result, the struggling restaurant down the street will need to

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“Wall Street Poised for Win on Money-Laundering Bill in Lame-Duck”2020-12-05T16:40:10+00:00

Business Community Rallies Against Surprise PPP Tax Hike

Negotiations over the next COVID-19 relief package are in full swing – finally! – and the business community has united around one key must-pass item:  Restoring congressional intent and avoiding a $120 billion tax hike on Main Street business by clarifying the correct tax treatment of PPP loans.

That’s the message conveyed today by today’s letter initiated by the Associated General Contractors and signed by 564 national and state-based trade groups.  564!  That’s got to be a record, and the fact those signatories were gathered in the matter of just two days should send a very emphatic signal to Congress

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Business Community Rallies Against Surprise PPP Tax Hike2020-12-04T19:45:56+00:00

The Washington Post is Wrong About PPP

The Washington Post is reporting on yesterday’s court-ordered PPP loan data dump by the Small Business Administration.  In a rush to support a breathless income inequality headline, they forgot to report on the real purpose of PPP — covering employee payrolls.

Here’s the key graphic:

The top 1% percent of PPP borrowers got 25% of the loan amounts?  Sounds bad.  But is it?

The primary goal of the PPP was to keep workers on payroll and off UI.  To that end, the PPP funded more than 5 million business loans, the amount

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The Washington Post is Wrong About PPP2020-12-02T21:00:05+00:00

S-Corp Protests PPP Loan Forgiveness Form

The Paycheck Protection Program has been one of the Federal government’s most successful responses to the COVID-19 pandemic, but it’s effectiveness has been hamstrung from the outset by the SBA and Treasury Department.

Today, the S Corporation Association joined 75 other trade groups in objecting to the latest misstep by the agencies – an intrusive and legally dubious 9-page “Loan Necessity Questionnaire” (Forms 3509 and 3510) that larger PPP borrowers would need to fill out in order to have their loans forgiven.  The forms demand information not previously required from borrowers and raise new challenges to extending and improving

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S-Corp Protests PPP Loan Forgiveness Form2020-12-29T17:37:30+00:00

The 2020 Elections and their Implications for Private Businesses

Are you a fan of the Progressive Insurance commercials making fun of mismanaged Zoom calls? Then you’ll love the blank Zoom screen for the first 10 minutes of our most recent S-Corp Member call covering the 2020 election results and what they mean for private companies.  You can access the full video here.  You can access the slide deck here.

We’re biased, obviously, but we think it’s well worth watching, particularly the portion focused on what companies can expect moving forward, as well as the BIG news (covered at the

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The 2020 Elections and their Implications for Private Businesses2020-11-11T20:55:55+00:00