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 [...]
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*UPDATE - Stimulus Check Information and Calculator Link (Updated 3/31/20) Update from the IRS Newswire on the Economic Impact Payments...What you need to know. The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks and will be distributed [...]
*UPDATE - SBA COVID-19 EIDL Disaster Loan High-Level Recap (Updated 3/30/20) SBA Economic Injury Disaster Loan (EIDL) loans (Apply direct thru SBA website): This program can provide up to $2 million of financial assistance at low interest rates (2.75% - 3.75%) along with deferral options and favorable amortization periods [...]
House Passes and President Signs CARES Act Late Friday afternoon, the House passed and the President signed into law the CARES Act, a $2 trillion stimulus package that provides relief to individuals and businesses struggling as a result of the COVID-19 pandemic. For the full Act in all its [...]
Stimulus SBA Loan and Forgiveness Program ("Paycheck Protection Program") As part of the new stimulus package making its way to the House and President for signature this Friday, $349 billion is earmarked to assist small businesses with loans. The loans will be administered through the SBA 7a loan program via [...]
