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…
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.
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.
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.
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.
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.
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.
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.
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.