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 [...]
Recovery Rebates What You Need To Know The CARES (Coronavirus Aid, Relief, and Economic Security) Act, appears to make a significant impact on the economy. The majority of the tax relief is designed to increase liquidity with the introduction of recovery rebates for individuals. Who Qualifies For Recovery Rebates Roughly 125 million people will receive a rebate, or about 83 [...]
Important Information for Pennsylvania Businesses “Non-life sustaining” Businesses Businesses deemed to be “non-life-sustaining” by the Wolf administration are to remain closed until further notice. Representative Mike Turzai for Pennsylvania’s 28th Legislative District, recently stated in a recent webinar that the PA Legislature is trying to appeal to Governor Wolf to restart construction projects for infrastructure, residential housing, and petrochemical that [...]
The CARES Act (Coronavirus Aid, Relief, and Economic Security) Act President Trump signs the largest stimulus bill in history. The Economic Security (CARES) Act was enacted to boost the economy. This legislation is the most massive and most costly piece of legislation ever passed by Congress. INDIVIDUAL TAX RELIEF Recovery Rebates Individual stimulus payments will be available to taxpayers and [...]
We can help you navigate Employee Rights under the Families First Act. Consider leaning on your CPA for cash flow guidance, tax deadlines, and help in completing SBA loan and the new PIDA loan applications. Our CPAs are available, and we have the knowledge, skill, and information that you need right now to properly address your financial needs in a timely fashion. Click [...]
