Hold the Press – Last Minute Safe Harbor Issued for PPP Loans Under $2 million
The SBA and Treasury issued guidance in late April reaffirming that companies must certify that current economic uncertainty made the loan request necessary to support ongoing operations. They also noted that borrowers who applied for a Paycheck Protection Program (“PPP”) loan prior to the issuance of this guidance who repay the loan in full by May 14, 2020 (extended from May 7…
Read MoreStill Considering Whether to Return Your PPP Money by May 7th? Be Sure to Consider This As Well…
UPDATE: Per PPP FAQ #43, the SBA is extending the repayment date for this safe harbor to May 14, 2020. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020. Lat…
Read MoreCARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to 2013. Some taxpayers that file amend…
Read MoreThe CARES Act: What Else Can We Do?
By: Donna Holm In these uncertain times, small business owners have been faced with unprecedented challenges that have many scrambling for the much needed, though limited resources being offered by the Federal government under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). Much of the focus during the past two weeks has been on relief offered through the Payroll…
Read MoreShould You File a Business Interruption Claim for COVID-19 Losses?
With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves on the brink of financial disaster. For those with business interruption insurance policies in place, now may seem like the ideal time to submit a claim. However, as it stands currentl…
Read MoreCOVID-19 Relief for Employers: New Employee Retention Tax Credit
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S. Department of Labor. And far more claims are expected in April. Some economists predict that the unemployment rate could rise to Depression-era levels of 10% to 15% before the crisis en…
Read MoreFederally Guaranteed Loans for Small Businesses – Applications Start April 3rd – Get Prepared NOW!
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed on March 27th and designed to help stimulate the US economy in light of the current global pandemic. $349B has been set aside for the Small Business Paycheck Protection Program (PPP) which is aimed at helping US small businesses keep workers employed via job retention loans. These loans will be eligible for partial o…
Read MoreCOVID-19 Relief: Overview of the New CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here are some of…
Read MoreCOVID-19 Resource Center
For up to date information, please visit our COVID-19 Resource Center.
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