In times of great uncertainty, there is power in knowledge and preparation. In response to the coronavirus (COVID-19) outbreak throughout the United States and beyond, we’ve assembled industry experts to give you guidance and solutions to combat the ramifications on your business.
Our COVID-19 Resource Center was honored at this year's Gartner Communications Awards. Friedman was named “Highly Commended” in the Achievement to Communications Response to 2020.
Continue to visit the Friedman COVID-19 Resource Center for breaking coverage and tactics to inform your financial decision making.
October 7, 2021 [NEW] Extension of Eligibility to Claim the Employee Retention Credit for 2021
The American Rescue Plan Act (ARPA) of 2021 extended the CARES Act Employee Retention Credit (ERC) through December 31, 2021 and expands the ERC to include wages from July 1, 2021 to December 31, 2021 (the third and fourth quarters of 2021).
September 24, 2021 SBA Eases EIDL Rules, Increases Loan Limits
The economic impact of the COVID-19 pandemic lingers and many programs – Paycheck Protection Program (“PPP”) loans, Restaurant Revitalization Fund (“RRF”) grants – have either expired or were oversubscribed. Meanwhile the Small Business Administration’s (“SBA”) COVID Economic Injury Disaster Loans (“EIDL”) program has funds available.
Just as a virus mutates and adapts to its ever-changing environment to survive, so does our economy. Some of the evolutions we’re seeing today were in progress before COVID (like the transition to e-commerce), while others were gaining traction before the pandemic accelerated the progress (like the widespread adoption of remote work).
September 3, 2021 New Jersey Joins a Growing Number of States Rolling Back COVID Remote Working-Based Tax-Relief Measures
As a result of the COVID-19 pandemic, the New Jersey Division of Taxation temporarily waived an employer’s responsibility for withholding tax for teleworking employees. The state also relaxed its business presence rules. As of October 1, 2021, New Jersey will no longer grant relief in withholding.
August 11, 2021 IRS Notice 2021-49: Additional ERC Guidance and Clarification
Earlier this year, the IRS issued two notices, 2021-20 and 2021-23, attempting to provide guidance on the Employee Retention Credit (“ERC”). The current notice clarifies some of the earlier issued guidance and attempts to answer questions not previously addressed.
August 4, 2021 The SBA Changes Its Mind: You Don’t Have to Complete a PPP Loan Necessity Questionnaire
On July 29, the Small Business Association announced that it is discontinuing the use of Loan Necessity Questionnaires.