Coming Due: PPP Loan Updates You Need to Know
On May 15, the SBA released its Payroll Protection Program Forgiveness Application. The Paycheck Protection Program is the forgivable loan program that allows small businesses to cover up to eight weeks of payroll costs, mortgage interest, rent and utilities.
Coming Due: PPP Loan Updates You Need to Know
On May 15, the SBA released its Payroll Protection Program Forgiveness Application. The Paycheck Protection Program is the forgivable loan program that allows small businesses to cover up to eight weeks of payroll costs, mortgage interest, rent and utilities.
COVID-19 Update: 3 New Tax Credits May Apply to Your Small Business
The IRS has announced three new tax credits available to employers affected by the COVID-19 crisis. You may qualify for one or more of them: Employee Retention Credit, Paid Sick Leave Credit or Family Leave Credit.
Retirement Plan Update: Important Changes to RMD Rules for 2020
f you have an IRA or other qualified retirement plan and you are 70+, you’ll want to know about a special rule change made in response to the COVID-19 pandemic. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in...
Questions & Answers About the Paycheck Protection Program for Small Businesses
We continue to receive questions from our many local business owners regarding their financial relief options, particularly in regard to the Paycheck Protection Program. Established by the CARES Act, the PPP offers small businesses low-interest loans to cover payroll and other costs during the COVID-19 pandemic. Following are some Q&As adapted from a recent article in USA Today that may be helpful:
How to Make Ends Meet During the COVID-19 Crisis
As the reality of sheltering in place settles in, many of our clients are asking how best to cut costs and deal with mortgage, credit card and other payments. The Consumer Financial Protection Bureau encourages financial institutions to work with their customers to meet their needs. And the U.S. Department of the Treasury recommends that banks waive ATM, overdraft, late payment and other fees as much as possible, and offer accommodations for borrowers to defer or skip some payments.
New Tax Relief Notices Announced by the IRS
As previously announced, the IRS has provided filing and payment relief for federal income tax returns and payments due April 15, 2020, and for estimated income tax payments due April 15, 2020. Both were pushed back to July 15, 2020. Last week, additional automatic (no application required) tax-filing and payment-deadline relief — also now July 15, 2020 — was announced in a new notice issued by the IRS. Notice 2020-23 applies to individuals, partnerships, trusts, estates, corporations and other noncorporate tax-filing entities filing Forms 1120, 1065, 1066, 1041, 706 and 709, among others.
What You Need to Know About Unemployment
Coronavirus Aid, Relief and Economic Security (CARES) Act, unemployment payment amounts will increase, more folks will qualify, and benefits will be available longer.
Previously, only those workers who receive W-2s from their employer qualified for unemployment benefits. However, with the new Pandemic Unemployment Assistance (PUA) through the CARES Act, folks who are self-employed, gig workers, 1099 independent contractors or have a limited work history can now also file for unemployment benefits.
When Will You Get Your Stimulus Money?
The first round of stimulus money should start arriving this week for those who already have direct deposit set up with the IRS. But that’s just the beginning … the process could take several months to get money to every taxpayer — more than 100 million of us!