The U.S. House of Representatives passed the $484 billion Paycheck Protection program and Health Care Enhancement Act yesterday, which includes the much anticipated $370 billion in additional pandemic-relief funding for small business. The President is expected to sign the bill quickly in order to get the much-needed funds into [...]
Massachusetts has issued a technical information release on tax implications for different aspects of employees working from home. The rules being adopted are for the time period beginning March 10th until the Governor gives notice that the state of emergency is no longer in effect. Here is a brief [...]
Now that you have successfully completed Phase 1 of the Paycheck Protection Program (PPP) and the bank has funded your account, the eight-week clock is ticking. Below we have included some recommended procedures, tips and best practices for tracking the activity so that you can provide your bank a [...]
The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. [...]
Want to know the status of your Stimulus Payment? If you have not received your Stimulus Payment yet, you might be wondering when you will receive it. You are not alone! As such, the IRS has launched a website where you can not only check on the status of [...]
As small businesses continue to flood lending institutions with their Paycheck Protection Program (PPP) applications, a second wave is coming as the SBA now opens the program on Friday April 10th to self-employed individuals and independent contractors. While we still await formal guidance regarding the program specific to the self-employed, [...]
Updates on Furloughed Employees and Closed Worksites - Disaster Relief Payments to Employees - Benefits of Section 139 The FAQ guidance makes it clear that employees who are furloughed are not active employees and, thus, are not eligible to receive Emergency Paid Sick Leave (EPSL) or Emergency Family Medical Leave (EFML) [...]
Much of our focus on the CARES Act over the past few weeks has been on the provisions impacting small business owners. We wanted to highlight for you some of the areas within the ACT benefiting individuals and their personal tax situation. Recovery Rebates for Individual Taxpayers: The ACT [...]
We continue to keep a daily pulse on the evolving nature of the two primary SBA programs targeted to helping small businesses impacted by the COVID-19 pandemic; EIDL (Economic Injury Disaster Loan) and PPP (Paycheck Protection Program). As a reminder, within the online EIDL SBA loan application there is [...]
FAQs: Employee Retention Credit under the CARES Act What is the Employee Retention Credit? The Employee Retention Credit is a fully refundable tax credit for employers equal to 50% of qualified wage cost (wages and qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit [...]
