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…
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…
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…
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).
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.
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.
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.