Good news regarding the latest PPP legislative update! Congress has passed and the President has signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. The Paycheck Protection Program Flexibility Act creates more flexibility for borrowers using PPP funds. The bill extends the time period for businesses to use the funds from 8 to...Continue Reading
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
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
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 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
On March 20th the IRS issued Release IR 2020-57 announcing that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided...Continue Reading
As coronavirus (COVID-19) continues to spread, rattling financial markets, forcing the closures of businesses and schools, and canceling major public events across the country, the Trump Administration and Congress began taking steps to mitigate the impact on Americans. On March 13, 2020, President Trump declared a national emergency, which frees up $50 billion in funding for state and local...Continue Reading
Treasury Releases Final Written Guidance on Tax Relief The due date for making Federal income tax payments due April 15, 2020 is postponed to July 15, 2020. The amount which can be postponed without penalty and interest is $1 million for an individual (whether married or single), trust or estate income tax return, and $10 million...Continue Reading
