Senate Approves Changes for Paycheck Protection Program

Payroll write on keyboard isolated on laptop background

On Wednesday, June 3, 2020, the U.S. Senate passed proposed changes to the Paycheck Protection Program (PPP), expanding the time allotted for loan recipients to spend their funds and still qualify for loan forgiveness. The bill went on to President Trump and was signed into law on Friday. This article highlights the main points of the new law.

As Summer Approaches, So are Tax Deadlines

Heading into June, many of us are excited about warmer weather and our economy opening back up. For the majority of us, it is not the time of year that we are typically concerned with taxes.

PPP Loan Forgiveness Application and New Frequently Asked Questions Released

The sample Paycheck Protection Program (PPP) loan forgiveness application for loan forgiveness under the PPP was made available late last week. While the sample application does not answer all the questions we have, it does provide some clarity. This article provides an overview.

Loan Forgiveness Through the Paycheck Protection Program: How Will it Work?

If you have already received your loan through the PPP, you may be wondering what you’ll need to do to apply for forgiveness at the end of your eight weeks.

Additional Tax Extensions Announced Due to Coronavirus

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. But the law also makes some changes to retirement plan rules and provides a new tax break for some people who contribute to charity

Payroll Protection Program Offers Loans to Small Businesses to Keep Americans Employed

The Paycheck Protection Program (PPP) aims to help Americans stay employed by offering forgivable loans to small businesses to assist with payroll, rent, mortgage interest, and utilities. The opportunity to apply for the PPP is coming up soon and we wanted to provide you with a brief overview of the program and a list of resources.

Federal Loan Programs and Tax Incentives for Small Businesses Impacted by COVID-19

Assistance to small businesses impacted by the COVID-19 pandemic was specifically addressed in the recently signed CARES Act via federal loan programs and tax incentives. Included in this article is a summary of the loan provisions put into place by the CARES Act.

CARES Act Provides Relief for Individuals and Businesses Negatively Impacted by COVID-19

President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on Friday, March 27, 2020. The purpose of the CARES Act is to provide relief for individuals and businesses who have been negatively impacted by the COVID-19 pandemic.

Considerations for When Your Business Must Lay Off Employees

Some businesses may find the need to lay off workers due to the Governor’s stay at home order. The Unemployment Agency has suggested that employers place employees on temporary unpaid leave as opposed to termination.

Families First Coronavirus Response Act

The IRS and US Department of Labor have announced refundable payroll tax credits that will provide dollar-for-dollar reimbursement for small and midsized employers (employers with fewer than 500 employees) providing paid leave for employees affected by COVID-19 between the effective date of April 1, 2020 and December 31, 2020.