Help is here for struggling restaurants. The ARP Act authorizes the SBA to provide assistance to eligible entities and their affiliated businesses to cover pandemic-related losses in the form of Grants under the Restaurant Revitalization Fund (RRF). The maximum grant per entity is $10 million per physical location and…
Category: COVID-19
American Rescue Plan Act signed into law – Tax provisions included
The third round of coronavirus relief legislation is intended to offer economic aid to businesses and self-employed, but also includes additional direct payments to and other forms of tax relief and credits for individual taxpayers. Key tax provisions have been outlined in this detailed post from Shannon & Associates…
Are You Eligible for the Retroactive Employee Retention Credit?
On December 27, 2020, the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law. This bill included many tax provisions and extensions of some expiring provisions. One being the retroactive provision of the Employee Retention Credit. This bill provides that employers who receive…
PPP Round Two!
On December 27th, President Trump signed into law the long-awaited Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Act”) that includes: a second round of the Paycheck Protection Program loans (PPP), extensions on previously expiring provisions, expansions of eligible PPP expenses, deductibility of certain PPP related…
PPP Loan Forgiveness and Tax Impacts Planning
It’s time to check in on the PPP loan program! As a reminder, the PPP was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, which was signed into law on March 27. Now the year-end looms and you are eager to receive forgiveness; however, filing for and receiving forgiveness has an impact on…
President Trump’s Executive Orders for Pandemic Relief. What you Need to Know.
On August 8th President Trump signed four executive orders to extend federal pandemic relief. This post highlights the four executive orders and provides details for each. The four executive orders consist of the following…
Employment Security Department Provides Opportunity to Offset Benefit Charges
In March 2020 the state of Washington passed a law allocating $25 million to the COVID-19 Unemployment Account. This is not a refund or reimbursement but an offset against benefit charges instead of charging them to your…
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.
How Scammers Are Faking WA Unemployment Claims (And What You Can Do About It)
There have been many reports about false unemployment claims being filed for people that are still employed and did not initiate the process. It’s been reported that there have been “hundreds of millions of dollars” lost to fraudulent claims so far in WA State alone. This post provides information you will need, helpful links, and additional steps you can take.
SBA and Treasury Release PPP Loan Forgiveness Application and Instructions
Friday the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).