Category Archives: SBA

PPP: When Free Money Isn’t So Free

Posted on May 1, 2020 by Russ

The Paycheck Protection Program (PPP) loans seem too good to be true. You get money for paying employees and necessary expenses, and they might not have to be repaid! It’s free money. Well, not so fast. Yesterday, the IRS released … Continue reading →

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Professional Gamblers (and Other Gambling Businesses) Now Eligible for PPP Loans

Posted on April 24, 2020 by Russ

The Small Business Administration today released new guidance on the Paycheck Protection Plan (PPP) loans. Included in the guidance is an FAQ that states: Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that … Continue reading →

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Can a Professional Gambler Apply for a PPP or EIDL Loan?

Posted on April 7, 2020 by Russ

The CARE Act added Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) for businesses to recover from the COVID-19 pandemic. A question many of our clients have asked is, “I’m a professional gambler. Can I apply for one … Continue reading →

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Seniors Won’t Have to File Tax Returns, SBA Loan Update, and New Jersey

Posted on April 2, 2020 by Russ

Earlier this week the IRS posted that to obtain the Recovery Rebate that seniors and others would have to file a tax return. When news of that got out–especially given that the law that was passed says otherwise–organizations representing seniors … Continue reading →

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A Catch-22 On SBA Loans

Posted on March 31, 2020 by Russ

catch-22 (noun): A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions. The CARES Act allows for all sorts of SBA (Small Business Administration) loans to help with the virus pandemic. Sounds … Continue reading →

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