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).
Category: Shannon Alert
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.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act. What Does it Mean for You?
On March 25th, 2020 the United States Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was passed as part of “Phase 3” of Congress’s response to the unprecedented impact COVID-19 has had on the US economy.
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.
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