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.
5 Business Processes to Review in a Crisis
As a business owner, it’s hard to anticipate what the next disruption to our business will be. The only thing that we expect is that it will be something we don’t expect. So, how can you maintain a level of internal control and safety in the “new” business processes? What fraud risks should you revisit? Now is a good time to review the following five business processes. Get all the details in this post.
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.
COVID-19 Email Scams (How to Protect Yourself)
The spread of COVID-19 has dramatically changed the way we live and work. And it’s also brought on a variety of scam tactics. And now, more than ever, you need watch out for Phishing or Scareware emails looking to get you to open an attached file or click on a site link. Read this post to learn more about them and how to protect yourself.
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.