The SBA issued several notices on its loan programs, including updated guidance on the tax implications of the six months of 7(a), 504, and Microloan payments it is making for borrowers under Section 1112 of the CARES Act.
The guidance says 7(a) lenders and microloan intermediaries are no longer required to file Form 1099-MISC, Miscellaneous Income, with the IRS or furnish this form to the small businesses for whom the SBA made Section 1112 payments.
The notices include:
- 5000-20087 – Updated Section 1112 Tax Implication Reporting Requirements.
- 5000-20088 – Extend Microloan Closings through 4-30-21.
- 5000-20089 – Extend 7(a) and 504 Electronic Signatures through 4-30-21.
- 5000-20090 – Extend Microloan Electronic Signatures through 4-30-21.