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Events escalated and unfolded quickly in the wake of theCOVID-19 pandemic. Government relief also came quickly in the formof the Paycheck Protection Program (PPP) loanprogram—and many business owners immediately rushed toapply.

As things begin to calm down and businesses move towardreopening, small business clients must now turn to thequestion of loan forgiveness. These clients should be advised topay close attention to the new small business administration (SBA)form loan forgiveness application, as well as the recent Paycheck Protection Program Flexibility Act (which modifies theCARES Act rules and was released after the SBAapplication). The need to continue monitoring ongoing guidance isalso important—as we have recently learned that elements ofemerging guidance may be effective retroactively.

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Robert Bloink

Robert Bloink, Esq., LL.M., has taught at the Texas A&M University School of Law and the Thomas Jefferson School of Law; in the past decade, Bloink has initiated $2B+ in insurance & alternative asset class portfolios, and previously served as a senior attorney in the IRS Office of Chief Counsel for the Large- and Mid-Sized Business Division. Bloink is also the co-author of Tax Facts, a reference solution that helps to answer critical tax questions and provides the latest tax developments.