The Paycheck Protection Small Business Forgiveness Act has been introduced by the Small Business and Entrepreneurship Committee to the Senate. The Paycheck Protection Small Business Forgiveness Act his act would allow small businesses who received a loan of $150,000 or less through the Paycheck Protection Program (PPP) will receive forgiveness. To apply for automatic forgiveness, the business owner submits a [...]
As a startup business owner, you work your plan and check off your mandatory tasks. Market research – check. Business plan – check. Brick & mortar or online – check. Business name – check. Great job! But there's more to do so your business succeeds, maximizes profit, and minimizes expenses. There are four areas that the initial decision will make [...]
The US Treasury Department and Small Business Administration announced shortening two Payroll Protection Program’s loan-forgiveness applications. The application updates are in response to changes included in the Paycheck Protection Flexibility Act of 2020, PL 116-142, signed on June 5. The SBA issued a new interim final rule providing guidance on how to calculate employee and owner compensation for loan forgiveness [...]
PA Statewide Small Business Assistance program will provide grants ranging from $5,000 to $50,000 The COVID-19 Relief PA Statewide Small Business Assistance program is open for application and will provide grants ranging from $5,000 to $50,000 to small businesses economically impacted by COVID-19. This program is not a first-come, first-served program, but will fund the most qualified applicants. The funding [...]
ASC 2016-02 standard is effective for nonpublic entities for the calendar year 2022. The effective date was changed from the calendar year 2021 as a result of the economic lockdown in late February 2020. All entities may choose to adopt the new standard early. All companies with lease agreements will be affected. Industries that could feel the impact of this [...]
The impact of the shutdown has caused economic uncertainty, especially for small businesses. It is necessary to have a plan in place which will require preparation from the small business owners, themselves. One of the biggest concerns is going to be funding cash flow shortages. Access to capital is critical and could mean the difference in your business thriving or your business shutting [...]
The Paycheck Protection Flexibility Act, H.R. 7010 signed by President Trump on June 5, 2020, relaxing the requirements on PPP small-business loans and addresses concerns of employers struggling to stay open during the shutdown. The bill extends the time PPP recipients must spend PPP funds from 8 weeks to 24 weeks. It also lowers the portion of PPP funds [...]
Application extension for Educational Improvement Tax Credit (EITC) and Opportunity Tax Credit (OTC) Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) application deadlines are currently May 15 for business applicants reapplying to renew a two-year commitment and for businesses in the middle of their two-year commitment. According to PICPA, State Representative, Steve Barrar (R-Delaware) introduced legislation [...]
Notice 2020-32 - Are expenses paid with PPP forgivable loans deductible? For weeks,” since Paycheck Protection Program (PPP) loan funds were received, the $10 million question has been “Are the following expenses (payroll costs, rent, mortgage interest, and utilities) deductible if the funds from the PPP forgivable loans were used to pay for these expenses?” Notice 2020-32 The notice officially [...]
Legal, Tax, Lending, and Cash Flow Solutions Post COVID-19-WEBINAR (1 hour) Thursday, April 9th at 11 am Wilke & Associates, CPAs and Business Advisors, FocusCFO, Houston Harbaugh, P.C., and 4Rivers Wealth Management had an informative webinar to address issues impacting businesses and families due to recent COVID-19 outbreak. In this town hall-style panel, we explore the legal, tax, lending, and [...]
