Alert! Anticipated Major Changes to PPP Finally Here

The Paycheck Protection Program created by CARES has been a key piece of relief for businesses impacted by Covid-19. However, the SBA and Treasury’s 8-week limitation to use the funds and 75% requirement to spend the funds only on “payroll costs” (as defined) has caused unnecessary hardship for businesses already hurting and which are greatly in need of funds. Learn more here.

IRS Extends Tax Deadline for Nonprofits

Recently the IRS issued Notice 2020-23, giving not-for-profit organizations relief on tax returns and tax payments originally due between April 1, 2020 and July 15, 2020.
Notice 2020-23 provides relief for filers of Form 990, Form 990-EZ, Form 990-N, Form 990-T and Form 990-PF. The returns, along with any tax payments, are now automatically due July 15, 2020. Learn more.

Emergency Economic Relief Update – SBA Loan Programs Summary under CARES

This is an UPDATE to our Emergency Economic Relief alert. With multiple options available, take time to consider which program suits your Company’s needs best. More details will be coming out in the coming week so it’s important to study the information before jumping into a program. But once you decide, take quick action as time is of the essence.

Emergency Economic Relief from the SBA

This past week the Covid-19 pandemic has been a rapidly changing reality and our mind is focused on you, your families and businesses, and the impact this is having as it unfolds. Washington state has been hit hard and your business may already be seeing a financial impact.

COVID-19: Working with Us and the Extended Tax Deadline

The events of the last few weeks certainly are unprecedented and like many of you, we are closely monitoring the impact COVID-19 will continue to have on businesses and individuals. As a firm, we have taken a proactive approach. Here are the top priorities and policies at Shannon & Associates for COVID19.

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