Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
Do you have a business that received a PPP loan and now you are considering a change in ownership, like a sale, purchase of a competitor or even adding a new partner? There are several different things that need to be considered before any transaction in order to preserve your ability to get PPP loan forgiveness. Here are the questions you should be asking before you sign on the dotted line.
The Small Business Administration (SBA) and Treasury released an updated Paycheck Protection Program (PPP) FAQ on Aug. 4 in an effort to address PPP loan forgiveness issues that have arisen as borrowers begin to complete their applications. The 23 FAQs address various aspects of PPP forgiveness including general loan forgiveness, payroll costs, non-payroll costs, and[ … ]
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]
BeachFleischman’s CariAnn Todd joined Arizona Commerce Authority’s recent webinar – Arizona Small Business Boot Camp & Resource Collective Session #32.
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]
BeachFleischman’s CariAnn Todd joined Arizona Commerce Authority’s recent webinar – Arizona Small Business Boot Camp & Resource Collective Session #23.
If your business has received an SBA Paycheck Protection Program (PPP) loan, now is the time to begin planning how you will allocate and document your spending over the relevant covered period to ensure you receive the maximum loan forgiveness. Work with our PPP Loan Task Force We have designed flat-fee consulting packages to help[ … ]
I received my Paycheck Protection Program Loan. Now what do I do? Many of our clients have received their Paycheck Protection Program (PPP) Loan and are asking us for procedures on accounting for the loan, maintaining the documentation, and navigating all the related twists and turns involved with the program’s requirements and ultimate loan forgiveness.[ … ]