For more information, visit these websites (while we are busy planning and preparing your tax returns).
We now offer services to assist with compliance for small businesses who receive Paycheck Protection Program (PPP) loans during this crisis. CONTACT US to help determine how to adhere to the loan rules. You may qualify for loan forgiveness!
CARES Act Stimulus - COVID-19
PayCheck Protection Program - UPDATE
June 16, 2020 – The Small Business Administration (SBA) issued revised interim rules, as well as a PPP loan forgiveness application (SBA Form 3508) and provided a new, simplified loan forgiveness application (SBA Form 3508EZ), is available for use by borrowers who are self-employed and did not list any employees on their original loan application; or, for borrowers who have employees but are not subject to any loan forgiveness reduction due to salary or full-time equivalent employee reductions.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program (PPP) as an incentive for small businesses to retain employees during the COVID-19 pandemic. The program provides a low-interest loan to eligible small business owners, self-employed individuals, and other eligible businesses, including nonprofit organizations, and is meant to cover payroll, mortgage interest, rent, and utilities over an eight-week period.
We now offer services to assist with compliance for small businesses who receive loans during this crisis.
Contact us to help determine how to adhere to the loan rules. You may qualify for loan forgiveness!
US Treasury - Families First Coronavirus Response Act
April 1, 2020
WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service are offering small and mid-size employers more information on refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing their employees paid sick and family leave wages related to COVID-19.
The Families First Coronavirus Response Act (FFCRA), signed by President Trump on March 18, 2020, gives businesses with fewer than 500 employees funds to provide employees with paid sick leave and family and medical leave related to COVID-19.
Eligible employers can receive a credit in the full amount of the qualified sick leave and family leave wages paid for between April 1, 2020, and December 31, 2020.
Employers can be reimbursed immediately by reducing their federal employment tax deposits. If there are insufficient federal employment taxes to cover the amount of the credits, employers may request an accelerated payment from the IRS.
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