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 [...]
National News The White House and Senate leaders agreed on the highly anticipated $2 trillion dollar massive stimulus package Coronavirus Aid, Relief and Economic Security (CARES). The proposed legislation will make its way through the Senate and move along for House approval. The President anticipates signing by end of this [...]
Many clients have been asking the best way to handle changes in employees' (employment) status, with respect to the impact of the COVID-19 pandemic. Below is an outline, from a Human Resources perspective with regards to what your options and limitations, as an employer, are Furlough A furlough involves [...]
The Treasury announced today that they are extending the Tax Filing Deadline from April 15th to July 15, 2020. This follows the announcement earlier in the week, that tax payments were being deferred by 90-days, without interest or penalties. This latest change now sensibly aligns tax payments with the [...]
