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→
Category: News & Events
COVID-19 – 04-27-20 BULLETIN RELEASE – PPP Loan Expenses Planning
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→
COVID-19 – 04-13-20 BULLETIN RELEASE – Other CARES Act Benefits
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→
COVID-19 – 04-07-20 BULLETIN RELEASE – Technical Correction
Our 4/6/2020 Bulletin Release yesterday outlined points concerning the $100,000 Cap on Annual Compensation per employee. This issue continues to get substantial attention concerning what is to be included. The Treasury Department issued FAQs on their website yesterday providing additional clarification on this issue. See https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf According to this latest Treasury guidance, the $100,000 cap on…Read More→
COVID-19 – 04-06-20 BULLETIN RELEASE – Current Updates
Since our Friday Bulletin, there has been further guidance issued which we want to update you regarding the CARES Act Paycheck Protection Program loan (PPP loans). This continues to be a somewhat fluid situation as agencies, lenders, and individuals are attempting to apply the guidelines spelled out in the CARES Act legislation so it is…Read More→
COVID-19 – 04-03-20 BULLETIN RELEASE – Current Updates
Since our last couple of bulletins on Monday and Tuesday there hasn’t been any new legislation, however, there has been more information coming out regarding updates and additional guidance regarding the CARES Act, especially on the Paycheck Protection Program loan (PPP loans). We wanted to update you on the additional information that’s come to our…Read More→
CARES Act – Business Loan Programs and other Points – Technical Correction
UPDATED 04/09/20 Technical Correction EMAIL BLAST 3/31/20 AM As we continue to wade through the details of the CARES Act provisions, we have found one correction to the email blast issued yesterday with respect to the PPP Loan and the June 30, 2020 end date. The June 30, 2020 date is only applicable to the…Read More→
CARES Act – Business Loan Programs and other Points
On March 27th, Congress passed the $2 trillion stimulus bill – the Coronavirus Aid, Relief, and Economic Security (CARES) Act – which will provide significant tax and non-tax stimulus to individuals and businesses. Here’s a breakdown of what this bill will mean for businesses, individuals, and our national economy in the wake of the COVID-19…Read More→
Covid-19 SBA Loans – EMAIL BLAST 3/30/2020 AM
If you would like to borrow using the SBA Economic Injury Disaster (EIDL) loan, then you should apply for it now as the Federal funds available to provide for these loans are not unlimited. The EIDL loan is not the loan that has loan forgiveness provisions in it as provided for in the CARES Act….Read More→
COVID-19 – 03-28-20 BULLETIN RELEASE – NEW TAX BILL
The madness of last week is over and we know you have been evaluating your situation, reorganizing your life, and making decisions trying to find your balance during this new “temporary” normal. Your head is likely spinning from all the information flying around the internet, webcasts, and from friends and colleagues. We completely understand and…Read More→