The Law Office of Michael S. DeFine

10/12/2020

PPP FORGIVENESS UPDATE

If you borrowed $50,000 or less, your loan’s forgiven — period. But will you owe taxes?

09/22/2020

Follow the Constitution and take heed of the Democrats' argument in 2016 and the Republicans' argument in 2020 regarding filling a Supreme Court vacancy. It is the SAME argument and it is 100% correct.

This cuts right through the upcoming B.S. we're about to be bombarded with:

“Whichever RNC staffer did this deserves a promotion 👇 https://t.co/IkNUnJXpKm”

08/26/2020

PPP FORGIVENESS UPDATE

SBA Changes PPP Loan Rules On August 24 - Hurting Some, Helping Others At Random

On August 24th, the SBA issued the first guidance received since August 11th in new Interim Final Rules that provide limitations in just three areas for no particular reason, including with respect to the amount of expenses a borrower can count towards forgiveness of their Paycheck Protection Pro...

08/14/2020

PPP FORGIVENESS.....

The SBA recently issued Frequently Asked Questions to help Paycheck Protection Program borrowers navigate maximum loan forgiveness. Here are the answers to your key questions.

08/08/2020

https://www.forbes.com/sites/allbusiness/2020/08/07/treasury-issues-new-faqs-on-ppp-loan-forgiveness/

The SBA recently issued Frequently Asked Questions to help Paycheck Protection Program borrowers navigate maximum loan forgiveness. Here are the answers to your key questions.

08/08/2020

https://www.forbes.com/sites/allbusiness/2020/08/07/treasury-issues-new-faqs-on-ppp-loan-forgiveness/

07/26/2020

Get Ready for PPP Loan Forgiveness Filings!

The agency announced the update Thursday in a document outlining procedures for the loan forgiveness process.

07/19/2020

There are now 2 instances in Kentucky where people have been ordered to house arrest for testing positive for COVID-19. Apparently there was no hearing and not even a filed complaint by law enforcement or charges filed by a prosecutor's office. This is a constitutional violation of due process. I don't remember this ever happening to victims of AIDS or any other virus. At what point are we all going to recognize that the line of basic human rights and our Constitution has been overstepped? Because if we are willing to forego our basic Constitutional Rights then we deserve to lose the pillar for which this country was founded. This is a flat-out governmental overstep and an outrage.

07/02/2020

PPP Update:

Pending President Trump's signature, Congress has passed an extension for the time to apply for the PPP loans until August 8, 2020. If you missed yesterday's original PPP application deadline, fear not, you can still apply. That is the good news...........

The frustrating news is something I have known about for months and kept silent about because frankly nobody needs to hear more political nonsense. But after reading the Congressional presser regarding the extension I have to say something that you all should all at least consider. First of all, while this is a Democratic majority Congress, I blame every member regardless of party for either the games played with or the accounting ignorance of the PPP program. The Congressional program has been inefficient in its roll out, irresponsible in its use of banks as the point entities for approval and distribution of funds and agreement to pay them an origination fee, disjointed and confusingly inconsistent with the rules of use of the loans once received and frankly derelict in their duty to properly account for the $660 billion in taxpayer money to fund the program.

Inefficiency of funds delivery to small businesses and frustrating changes to the rules and regulations for approval and use have been discussed before, so I will not get into that right now. What frustrates me is two-fold: (1) Congressional misappropriation and just bad math, and; (2) that Congress did not use the resources it had and chose to pay banks, using taxpayer money, origination fees for the PPP loans. Regarding the first issue, Nancy Pelosi went on the podium about a month ago and praised the facts that at that time 3 million of the 30+ million small businesses were saved by the PPP. That number of 30+ million seemed high so I took the next 6 minutes to research the IRS numbers and found out that there are 30+ million small businesses registered, but 8 million of those were non-functioning shell companies with no assets, employees and/or business activities. So, the budget for 30 million small businesses was off by about 25%, or about $165 billion. Anyone in the private sector would have been fired on the spot for such an egregious accounting error. Today, with the passage by the House of the extension, Pelosi took credit on behalf of the House for extending the assistance to small businesses as if they did us a favor. Well, sort of, because what is left over is not $165 billion, but $130 billion. Ironically, per my calculations the assumed 5% origination fee average (since most loans were under $350,000 and such loans earned a 5% fee for banks) equals approximately $35 billion. So, in short, Congress allocated $660 billion for a budget that rightfully should have equaled $495 billion. When the banks bill came to $35 billion (which should have never been paid out of the PPP fund for small business, but looks like it was. And by the way, the banks are in no way to blame for this gaff) it appears that the bank fees were paid with the over-inflated original budget and the remaining $130 billion is now marketed by Congress to be due to the hard work and caring of Congress. I only name Nancy Pelosi because she is the Majority Leader and she is the one on the podium, but all of Congress is to blame for every penny of waste and political use because nobody there was either competent or ethical enough to raise the issue.

If we had a Congress that could or would do math with facts and figures that they had at their fingertips and that I retrieved in six minutes, what benefits could We the People have gleaned from an additional $200 billion in misappropriated funds and bank fees? Asking for 325 million friends.

07/01/2020

WARNING!

This has not happened to my email account but Inwanted to share with you all a new hacknthatbis going around. Please.read the following:

It appears there’s an email hack spreading around the legal community. The email is sent out as case links to documents. Do not open the email attachments and forward any email received to [email protected]. She is handling the investigation

06/29/2020

06/26/2020

REMINDER - Applications for the Paycheck Protection Program ENDS June 30, 2020.

If you are interested in applying do so IMMEDIATELY!