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 [...]
Employee Retention Credit - A Tale Of 3 Employers The Employee Retention Credit seemingly has some gray areas. Small businesses across the United States in a variety of industries are wondering what their company qualifies for as a result of The CARES Act and Families First Coronavirus Response Act due to the onset of the COVID-19 crisis. You may relate to [...]
Employer credits are at the top of the minds of small business owners. These owners are looking forward to returning to full capacity once the crisis is over. There are now volumes of information in the new laws to respond to the economic fallout of the Coronavirus Pandemic. We have provided guidelines to help businesses properly understand which credits are [...]
Please refer to our EVOLVING alphabetical list below of SBA-approved financial institutions that are accepting applications and underwriting for Paycheck Protection Program (PPP) loans. UPDATED: April 6, 2020 11:30AM 5th 3rd Bank Availability: Accepting applications Notes: Accepting registration for pre-existing clients only Bank of America Availability: Accepting applications Notes: Accepting registration for pre-existing clients only Chase Availability: Not ready Notes: [...]
Paycheck Protection Program (PPP) Loans are here to take the pressure off of businesses to lend a hand in obtaining working capital to meet payroll and other expenses. The SBA administers this streamlined process under 7(a) lending program with $350 billion in new lending available to small businesses! Under the CARES Act, the "covered period" runs from February 15, 2020, [...]
Pandemic Unemployment Assistance (PUA) is one of several new programs within the CARES Act. Pandemic Unemployment Assistance offers unemployment insurance coverage for workers who would previously be considered ineligible to receive regular unemployment benefits. It allows states to offer assistance to self-employed individuals, independent contractors, freelancers, and gig workers or who may not be otherwise covered under unemployment, who are [...]
Required Minimum Distributions RMDs The CARES Act is suspending 2020 Required Minimum Distributions (RMDs), giving control to individual investors of their funds this year. The anticipation of the change will cause a reduction in selling investments (which normally generates the cash needed for the RMD) during this national emergency. Under the recently passed CARES act, the IRS does not require [...]
