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.
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.
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.
July 1, 2021 HHS Issues Update on Provider Relief Funds
On June 11, 2021, the Department of Health and Human Services (“HHS”) released an updated notice regarding the reporting requirements for recipients of Provider Relief Funds (“PRF”). This notice supersedes the guidance released early this year, providing updated deadlines for the use of funds and timelines for reporting to the PRF reporting portal.
April 22, 2021 Employer Tax Credits for Paid Time Off for Employees to Get Vaccinated
The American Rescue Plan Act of 2021 made some tweaks to the Emergency Paid Sick Leave Act to include COVID-19 testing or immunization as qualified sick leave wages. Eligible employers are entitled to tax credits for employee wages paid for leave due to reasons related to COVID-19.
March 26, 2021 PPP Deadline Extended - You Still Have Time to Apply
Prepare your business for significant dates surrounding Paycheck Protection Program loan applications, Shuttered Venues Operator Grants and Restaurant Revitalization Fund Grants to determine the most effective course of action for you and your business.
March 15, 2021 Initial Impressions of the American Rescue Plan Act of 2021
The American Rescue Plan Act of 2021 (the “Act”) is the most extensive COVID relief bill yet. It’s provisions are intended to boost the economy, increase availability of COVID-19 vaccines and other emergency medical supplies, and assist schools, health centers and state and local governments in their recovery efforts.
March 10, 2021 What’s New with The Paycheck Protection Loan Program?
While we were all busy watching the IRS try to pivot for the changes to the Employee Retention Credit, the Small Business administration ("SBA") was making some changes of its own to the Paycheck Protection Loan Program (“PPP”). The reason for the change in this case is the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”), otherwise known as Title III of Division N of the Consolidated Appropriations Act, 2021 (“CAA”).
March 8, 2021 IRS Issues New Employee Retention Guidance…Sort Of
In December, Congress passed the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Relief Act”) which was enacted as Division EE of the Consolidated Appropriations Act, 2021 (“CAA”). Among its many beneficial provisions, the Relief Act repealed the restriction in the Coronavirus Aid, Relief, and Economic Security Act (the ‘‘CARES Act”) preventing borrowers under the Paycheck Protection Program (“PPP”) from claiming the Employee Retention Credit (“ERC”).
February 1, 2021 Introducing the Improved Employee Retention Credit
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Act”) not only made some significant changes to the Employee Retention Credit ("ERC"), it also retroactively repealed the restriction on having a PPP loan and claiming the ERC. Learn how you and your business may be directly impacted.
January 26, 2021 SBA Issues Updated Economic Aid Act PPP Loan Forgiveness Guidance
On December 27, 2020, Congress enacted the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) – part of the Consolidated Appropriations Act of 2021 – which included a number of changes to the Paycheck Protection Program (“PPP”).
January 10, 2021 Next Wave of PPP Loan Applications Begins
The Treasury Department and the Small Business Administration (“SBA”) have announced that they will begin accepting applications for new Paycheck Protection Program (“PPP”) Loans from some borrowers beginning Monday, January 11th.
December 24, 2020 Additional Tax-Related Provisions of the Consolidated Appropriations Act, 2021
The initial attention generated by the Consolidated Appropriations Act, 2021 focused on the economic relief provisions – enhancement and expansion of the Paycheck Protection Loan program, extension of unemployment benefits, a second round of stimulus checks, etc. – but the Act also addressed a number of tax and tax related issues.
December 22, 2020 Congress Finally Passes the Emergency Coronavirus Relief Act of 2020
Like college students right before winter break, the 116th Congress closed its term with one last all-nighter. And, while the Consolidated Appropriations Act, 2021 does not include many relief provisions deemed vital by Democrat or Republican representatives and senators, there is still much that both sides agreed was necessary – especially for small and mid-sized businesses.
November 19, 2020 Latest IRS Guidance Dashes Hopes of Deducting Expenses Paid with PPP Loans
The Paycheck Protection Program (“PPP”), passed as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was a welcome relief for small businesses, providing a financial lifeline through the recession caused by COVID-19.
November 5, 2020 SBA Creates New PPP Uncertainty with its Uncertainty Certification Forms
Over the course of the Paycheck Protection Program (“PPP”), the Small Business Administration (“SBA”) has released guidance in the form of FAQs. In April and May, guidance was released on Borrowers’ good faith certification of their eligibility for PPP loans and explained how the SBA would review such good-faith certification.
October 13, 2020 How COVID-19 Relief Programs Impact Your Pension Plan Administration
Various forms of government relief have been issued in an effort to soften the economic impact of COVID-19. As the IRS and Treasury have released guidance governing the implementation of programs like the CARES Act and Paycheck Protection Program (“PPP”) have evolved, the impact on your business’ pension administration has become increasingly clear.
October 10, 2020 The SBA Releases More PPP Loan Guidance Affecting Loan Forgiveness and Changes of Ownership
It has been six weeks since we last heard from the SBA and Treasury with regard to Paycheck Protection Loan forgiveness despite the fact that the guidance released to that point left many questions unanswered.
May 26, 2020 Further SBA Guidance on PPP Loan Forgiveness as of May 22, 2020
On Memorial Day weekend, the Treasury and Small Business Administration (“SBA”) released two new Interim Final Rules (“IFR”) – one on Loan Forgiveness and one covering Loan Review Procedures. Read on to learn about the major changes and clarifications with regard to Loan Forgiveness rules.
May 16, 2020 SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
Fortunately, borrowers now have official guidance regarding Paycheck Protection Program loan forgiveness in the form of an application with detailed instructions. The Small Business Administration said they will also soon issue regulations and guidance to further assist borrowers as they complete their applications. Lenders will also receive further guidance on their responsibilities.
May 13, 2020 SBA Publishes Interim Final Rule on PPP Loans and Partner Compensation
On May 13 the SBA released an Interim Final Rule (“IFR”) which will enable certain partnerships that applied for Paycheck Protection Program (“PPP”) loans but did not include partner income in their loan amount to go back to their lender and get an additional disbursement.
May 13, 2020 New PPP Guidance: Safe Harbor for Good Faith Certification
The Small Business Administration (“SBA”) has released additional guidance attempting to clarify how it will view the good faith certification required of the Paycheck Protection Program’s (“PPP”) loan borrowers.
May 1, 2020 IRS Releases Guidance on Deductibility of PPP Expenses
Since the CARES Act was passed, taxpayers and their advisors have wondered if expenses paid for with Paycheck Protection Program (“PPP”) loan funds that were ultimately forgiven will still be deductible for income tax purposes.
April 26, 2020 How to Calculate Maximum Loan Amounts—By Business Types
The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses can apply for.
April 23, 2020 New Bill Allocates Additional Funding to PPP
The president signed a $484 billion coronavirus relief bill that will replenish the funds available to small businesses through the Paycheck Protection Program (“PPP”). The SBA announced that new loan applications will be accepted starting at 10:30 AM on Monday, April 27.
April 22, 2020 Track Your PPP Loan Spending to Ensure You Qualify for Forgiveness
Following a frantic rush to become familiar with the CARES Act, and the Paycheck Protection Program (“PPP”) it introduced, businesses whose loans have been funded must now focus on carefully tracking how they spend their PPP loan.
April 22, 2020 Small Business Relief Initiative
Small business owners across America are struggling to keep their workers employed and their businesses alive. In response, the U.S. Chamber of Commerce launched a new $5,000 grant program known as the “Save Small Business Initiative,” which you may be eligible for.
April 15, 2020 Treasury, IRS Unveil Online Application to Help With Economic Impact Payments
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.
April 14, 2020 IRS Clarifies Tax Deferral Option for PPP Borrowers
Read the newest guidance from the IRS, expanding a benefit for small- and medium-sized businesses affected by the coronavirus and seeking relief through the Paycheck Protection Program (PPP).
April 13, 2020 Federal Reserve Publishes Terms for New Business Loan Programs
Two Federal Reserve programs, the Main Street New Loan Facility and Main Street Expanded Loan Facility, which together will make up to $600 billion available to small and medium-sized businesses, were the subject of term sheets published by the agency on April 9.
April 10, 2020 IRS Issues New Guidance on COVID-19 Relief
In a flurry of activity on Thursday, the IRS issued a News Release, two Notices, and two Revenue Procedures providing guidance on how to apply for relief offered to taxpayers by the CARES Act, as well as administrative relief granted by the IRS under its existing authority.
April 7, 2020 Paycheck Protection Program Update
On April 6th, the SBA released a new FAQ for the PPP loan program. The Small Business Administration (SBA) and Treasury Department initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
April 1, 2020 Key Aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act
President Trump signed into legislation the CARES Act, or coronavirus stimulus bill. The following sections summarize key aspects of the Senate bill as it was passed.
March 30, 2020 Understanding The Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
March 26, 2020 IRS People First Initiative
To assist taxpayers facing issues related to COVID-19, the IRS yesterday announced its People First Initiative, which, beginning on or about April 1 and continuing through at least July 15, will temporarily adjust certain IRS compliance programs
March 25, 2020 IRS Tax Filing Guidance On Extensions
The IRS has just released a notice providing guidance for taxpayers with respect to the extension of time to make certain tax payments. Learn the details.
March 25, 2020 Families First Coronavirus Response Act Key Takeaways
Yesterday, the President signed legislation aimed at expanding emergency family and medical leave, unemployment insurance, sick leave, food and nutrition and funds for testing and other healthcare provisions.
