Updates to the Paycheck Protection Program

On June 5, 2020 President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA), which passed the House on May 27, 2020 by a 417-1 margin, and unanimously passed the Senate on June 3, 2020. The new law changes the following issues included in the original Payroll Protection Program (PPP) which was created … Continue reading “Updates to the Paycheck Protection Program”

COVID-19 Tax-Related Updates

Paycheck Protection Program Loans (PPP) On April 21, Congress passed a $484 billion deal to replenish funding for the Paycheck Protection Program (PPP). To acquire one of these loans, you should apply through your bank. The SBA recently provided additional guidance regarding these loans, which you can view here: https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf. Your PPP loan will be … Continue reading “COVID-19 Tax-Related Updates”

FAQs on COVID-19 State and Local Business Information

Filing Extensions and Business Relief What are my options for federal assistance? Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance to small businesses to help overcome the temporary loss of … Continue reading “FAQs on COVID-19 State and Local Business Information”

What Does the 2020 CARES Act Mean for Businesses?

The Coronavirus Aid, Relief, and Economic Security Act, (CARES Act) was signed into law to mitigate the impact of the COVID-19 pandemic at the federal level. Businesses that meet specific criteria have access to the following options: Paycheck Protection Program Loans The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers … Continue reading “What Does the 2020 CARES Act Mean for Businesses?”

What Does the 2020 CARES Act Mean for Individuals?

The Coronavirus Aid, Relief, and Economic Security Act, (CARES Act) was signed into law to mitigate the impact of the COVID-19 pandemic at the federal level. Individuals that meet specific criteria have access to the following options: Recovery Rebate Eligible individuals are entitled to a Recovery Rebate Credit for their first tax year beginning in … Continue reading “What Does the 2020 CARES Act Mean for Individuals?”