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.
Author: Shannon and Associates
NEW Safe-Harbor for Recipients of PPP Loans under $2 Million and Clarification for Those with over $2 Million in PPP Funds
Great news comes to us this week as the Treasury updated their FAQs on PPP regarding the Good Faith certification concerning the “need” for a PPP Loan. This FAQ provided much-needed clarity regarding those that accepted PPP funds and might now be second-guessing themselves with all the recent talk of audits of PPP loan requests, consideration of returning funds, etc.
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.
The FFCRA (Families First Coronavirus Response Act) What Employers Need to Know
The FFCRA is in effect from April 1 to December 30, 2020, and requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for reasons related to COVID-19. We’ve prepared a summary of the highlights, some commonly asked questions, and resources.
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.
COVID-19 Relief for Washington Businesses and Employees
COVID-19 Relief for Washington Businesses and Employees. We have outlined some of the available relief options and resources in this detailed post.
Families First Coronavirus Response Act H.R. 6201
Families First Coronavirus Relief Act #2. The Act responds to the coronavirus outbreak by requiring paid leave and providing tax credits for people affected by COVID-19.
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.
Client Advisor – Winter 2020
The Expanding Gig Economy – What You Should Know The Implications of Virtual Currency PDF version | Fall 2019