Posts from August 2020.

The Small Business Administration (“SBA”) recently issued a new interim final rule clarifying whether paycheck protection program (“PPP”) loan proceeds may be used for certain payroll and nonpayroll costs and remain eligible for forgiveness, notwithstanding earlier guidance or uncertainty.  Generally, PPP loans may be forgiven so long as used for a borrower’s payroll costs (generally, all compensation, capped at $100,000 on an annual basis, plus benefits) and certain mortgage interest, rent and utility expenses. Various guidance in the wake of the implementation ...

In March, Congress passed the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) to aid businesses and individuals.  One CARES Act relief provision offered the deferral of certain payroll taxes.  In particular, Section 2302 provides that employers may defer the deposit and payment of the employer’s portion of the Social Security taxes arising between March 27, 2020, and December 31, 2020 (the “Employer Deferral”).  Any deferred taxes are repaid over the following 2-year period.  The CARES Act failed to offer similar deferrals for the employee portion of ...

The South Carolina Department of Revenue (“DOR”, “SCDOR”, the “Department”) recently issued SC Information Letter #20-22 in which it released a series of helpful “Information Guides” concerning updated and specific administrative appeal procedures involving the following South Carolina tax/tax areas:

  • State Tax Appeal Procedures for State Tax Refund Claims (Other than Property Tax, Bingo, and Alcoholic Beverage Matters);
  • State Tax Appeal Procedures for State Tax Assessments including License Revocations and Denials (Other than Property Tax, Bingo, and ...

On August 4, the Small Business Administration (“SBA”) released an initial set of frequently asked questions regarding the forgiveness of paycheck protection program (“PPP”) loans (the questions, the “Forgiveness FAQs”). The SBA explicitly provides that both borrowers and lenders may rely on the guidance in the Forgiveness FAQs, in consultation with the applicable law and related regulations.  This resource will likely be a valuable tool to borrowers looking to understand exactly how much of their PPP loans may be forgiven. As with the general PPP frequently asked ...

South Carolina enacted a state low income housing tax credit on May 14, 2020.  An overview of the credit, which mirrors the federal credit, can be found here.

The South Carolina State Housing Finance and Development Authority (SC Housing) is required to issue an eligibility statement in order for a project to receive the state LIHTC.  The eligibility statement also specifies the amount of the state LIHTC a project will receive.  SC Housing has now issued a policy document to set forth the procedures to obtain an eligibility statement, which can be found here.

The SC Housing policy sets forth ...

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