What Businesses Need to Know About Loan Forgiveness Established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Payroll Protection Program (PPP) allocated $349 billion in forgivable loans to small businesses in order to pay their employees during the COVID-19 crisis. While the SBA’s...
The SBA has announced the following: Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. EIDL applicants who have already submitted their...
From the Journal of Accountancy by Jeff Drew on April 14, 2020. The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule for the PPP issued on April 2...
The IRS has launched a page on their website for updating your bank information and entering in your payment information for Non-Filers to receive the Economic Impact Payment. We urge you to be aware of scams. Never give out your information to anyone who calls you...
Defer Payment of the Employer’s Share of the Social Security Tax (6.2%) and Still Receive a Paycheck Protection Loan Recent IRS guidance now allows employers to defer the payment of the employer’s share of the social security tax (6.2%) due, beginning on March 27, 2020 through...
What are the Economic Impact Payments? Under a provision established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Economic Impact Payments (also known as stimulus checks) are Recovery Rebate payments to be distributed to individuals. The rebate checks are for $1,200 for a...
The Department of Treasury has released the Paycheck Protection Program Application and Supplementary information. All which is now available on their website. Click Here: US Department of Treasury The links below are to the sample application current as of 3/31/2020 and the terms, such as loan...
In order to provide increased liquidity during the COVID-19 crisis, The CARES Act has also provided a temporary payroll tax holiday. This is an option for employers to defer certain payroll taxes due between the enactment of the CARES Act and December 31, 2020. Important to...
Another crucial piece of the law that is provided to assist employers, is the Employee Retention Credit, that provides a refundable credit against applicable federal employment taxes. The provision is effective for wages paid or incurred from March 13, 2020 through December 31, 2020. Important to...
*****THIS BLOG POST HAS BEEN SUPERSEDED, SPECIFICALLY THE TERMS OF THE LOAN RATES AND REPAYMENTS. SEE UPDATED BLOG POST PAYROLL PROTECTION PROGRAM LOAN APPLICATION RELEASED***** Seemingly the most significant lending option in the CARES Act, the small business-focused Paycheck Protection Program increases the government guarantee...
