U.S. Treasury and SBA released on May 13, 2020 the much-anticipated FAQ related to the “Economic Uncertainty” certification. They previously posted this guidance was pending on May 5, 2020 and is critical in timing as they had specified a May 14, 2020 compliance deadline. A link for the full FAQ is included at the end....Continue Reading
We have provided an update to the “economic uncertainty” language and the good-faith certification. Read More. The U.S. Treasury Department and the SBA are issuing new guidance on eligibility and use of Paycheck Protection Program loan funds under the CARES Act. However, their determination of ‘economic uncertainty’ and the ‘good faith certification’ made during the...Continue Reading
Businesses impacted from COVID-19 have numerous relief options available to them. We are here to help you navigate how the relief options are interrelated, and more importantly, how you can maximize the available relief options. An important backdrop to all of this is the intent of the programs is that you do not “double dip”...Continue Reading
Anglin Reichmann Armstrong has developed a process to help you model potential forgiveness scenarios for PPP loan forgiveness. This is a critical process to pursue now because it will support your decisions for timely staffing/rehiring as well as proper use of PPP loan funds during the eight-week covered period. Contact us to learn more. What...Continue Reading
There are a number of relief options for businesses under the CARES Act but these measures are limited. Businesses need to act quickly if they need financial help to cover payroll expenses and other business expenses. Paycheck Protection Program Update The Paycheck Protection Program (PPP) has been a very popular relief program for many businesses....Continue Reading
The Alabama Department of Labor released information regarding new online tools and the programs included in the CARES Act legislation. The new Claims Tracker helps claimants track their claims. The tool is designed to help people find the answers they need without having to spend time calling the Department of Labor. There are several different...Continue Reading
The federal government released new guidelines, formally known as Opening Up America Again, for states to plan to reopen the economy and business activity. The guidelines suggest data dependency (based on COVID-19 cases and statistics) and follow 14-day trends. The final decisions on reopening plans will be issued by state and local government, but businesses...Continue Reading
The Paycheck Protection Program loans as aligned with the Coronavirus Aid, Relief and Economic Security Act (CARES Act) were made available for application April 3, 2020. Already, there has been high interest and demand in this program, which is accessible for eligible employers through SBA-insured 7(a) program lenders and other authorized bank and credit union...Continue Reading
The IRS had previously extended the federal income tax filing and payment deadlines for tax year 2019 to July 15, 2020. The most recent notice expands the relief to include the following for individuals, trusts, estates, and corporations: Estimated tax payments – Payments due April 15, 2020 have already been extended, however the IRS also...Continue Reading
The American Institute of CPAs, the AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have come together to drive a common understanding and approach around the implementation of the U.S. Treasury and Small Business Administration Paycheck Protection Program (PPP). Based on these collective discussions...Continue Reading
