May 1, 2020 | COVID-19 Response, Firm Updates
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses...
May 1, 2020 | COVID-19 Response, Firm Updates
The forgiveness of the Paycheck Protection Program (PPP) was deemed as nontaxable by the CARES Act. However, last night, 4/30/2020, the IRS released IRS Notice 20-32 which provided guidance that the expenses used to document and earn forgiveness for the PPP loan would...
Apr 24, 2020 | COVID-19 Response, Firm Updates
A new relief package, The Paycheck Protection Program and Health Care Enhancement Act, passed the House yesterday and President Trump is expected to sign the bill into law today. The relief bill includes the following: $310 billion to replenish the Paycheck Protection...
Apr 8, 2020 | COVID-19 Response, Firm Updates
H.R. 6201, the “Families First Coronavirus Response Act”, which was passed on March 18, 2020, enacted two refundable tax credits to provide relief amidst the COVID-19 (Coronavirus) pandemic. We outline the credits below. Paid Sick Leave Refundable Credit Conditions:...
Apr 6, 2020 | COVID-19 Response, Firm Updates
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law by President Trump on March 27, 2020 provides for individuals to receive advanced rebate checks or “stimulus checks” in the coming weeks and months. While this will take time to...
