On June 11, 2021, HHS updated the reporting requirements for recipients of Provider Relief Fund payments. The new notice supersedes the Post Payment Reporting Requirements Notice released on January 15, 2021. The changes per the June 11, 2021 notice include: The period for using the funds on (1) qualified expenses related to preventing, preparing for,…Read More→
Under the new CAA legislation, the FFCRA credit for family and sick leave has been extended through March 31, 2021. After December 31, 2020, providing the wages to employees who meet the qualifying reasons below is no longer mandatory. However, an employer can still voluntarily pay these wages and possibly receive the FFCRA tax credit…Read More→
EMPLOYEE RETENTION CREDIT (ERC) The CAA legislation provided some important updates to the Employee Retention Credit. Not only did this legislation extend the credit thru June 30 2021 but the credit is now retroactively available for all entities that paid wages during the periods of March 12 through December 31, 2020. 2020 CREDIT (AVAILABLE…Read More→
PAYCHECK PROTECTION PROGRAM (PPP) LOAN – ROUND 2 REQUIREMENTS The business must have fewer than 300 employees, including sole proprietors and other self-employed individuals. The business must have used or will use all of the original PPP Loan funds received The business must demonstrate not less than a 25% reduction in gross receipts for any…Read More→
Forgiveness Application After much anticipation, the SBA has released new forgiveness applications and additional guidance regarding the recent changes put in place with the Paycheck Protection Program Flexibility Act (PPPFA). The SBA provided two applications and related instructions – the abbreviated Form 3508EZ and the detailed Form 3508. Both applications clearly allow for the 24-week…Read More→
Looking back at the COVID whirlwind, the original PPP loan legislation was rapidly drafted and signed into law the week of March 23, 2020, which was concurrent with many State Governor’s forcing business closures and issuing stay at home orders due to COVID. The timing of these events was a disaster to the PPP loan…Read More→
Late in the day, Friday, May 15, 2020, the SBA came out with the instructions and application borrowers will use to request PPP loan forgiveness from their lender. While this new information provides some welcomed relief to pieces of the forgiveness puzzle for many, it falls short in answering all outstanding questions that still remain…Read More→
Just when we thought things were settling down a bit, bad news from IRS Chief Counsel’s office hits at the end of last week in Notice 2020-32. This Notice details the IRS position on “covered expenses” paid which qualify for PPP loan forgiveness, and whether those covered expenses are deductible business expenses. The IRS has…Read More→
While we wait for additional SBA guidance to come out, we want to provide some pointers and information for those who have received PPP loan proceeds from the first round of funding or who intend to apply for a PPP loan during the second round of funding. Understand that for the moment, these should be…Read More→
In this bulletin, we wanted to provide details on two CARES Act provisions mentioned in our 3-31-20 bulletin unrelated to the PPP loan as well as a few pointers on the PPP loans, unemployment for self-employed individuals, new EIDL grant restrictions and the Employee Retention Payroll Tax Credit. While SBA loans will generally be used…Read More→
