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…
Topic: CARES Act
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…
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.
Employee Retention Credit – An Alternative to the Paycheck Protection Program Loan
The Employee Retention Credit is an alternative to the Paycheck Protection Program Loan. The CARES Act includes a payroll tax credit called the Employee Retention Credit. Employers who did not obtain a PPP loan can take advantage of this credit. The following Shannon Alert provides details on the credit. What is it? Which employers Qualify? How does this credit work with other available relief? And more.
PPP and Loan Forgiveness – Things to Consider Now
You have a loan or an application pending – what’s the next step? One certainty is that the Paycheck Protection Program (PPP) has been a challenging process for many businesses. Businesses are hung up in the application process, awaiting funds, or have received funding. Regardless, it’s time to plan for the next steps to ensure that whatever funds are received, the max is forgiven.
Shannon Alert – COVID-19 Economic Impact Payments
The impact of the 2019 Novel Coronavirus (COVID-19) pandemic has been significant, changing our daily lives at a rapid pace and presenting the economy with an unprecedented challenge. There has been a wave of relief efforts and legislation aiming to minimize the impact on business and individual taxpayers alike. Learn more in this detailed post from Shannon & Associates.
CARES Act and Retirement Plans (What You Should Know)
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020, contained several provisions related to eligible retirement plans. Some of the provisions are options such as the distribution and loan provisions while others are mandatory, namely the waiver of 2020 required minimum distributions. Learn more.