Health and Human Services (HHS) just published long-awaited guidance regarding the reporting requirements related to General and Targeted Distribution of Provider Relief Funds.
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.
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 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.[ … ]
Stimulus checks are already arriving in mailboxes and bank accounts, but not everyone who receives a stimulus check needs the money. Part of the recent CARES Act, these stimulus checks include $1,200 for single filers or $2,400 for joint filers, plus $500 for each dependent child under age 17. The amount of the payment is[ … ]
Updated Information – 5/13/2020 SBA issues new guidance on PPP loan necessity certification The CARES Act includes loan forgiveness provisions for loans received under the Paycheck Protection Program (PPP). The exact details are not yet clear. However, the Small Business Administration (SBA) has promised clarification of the forgiveness provisions at a future date. This Q&A[ … ]
The IRS recently published FAQs that clarify payment of the employer’s share of FICA from March 27, 2020 through December 31, 2020. In the IRS FAQs (linked below), the IRS has clarified that all employers may defer payment of the Employer’s share of FICA (i.e. the 6.2%) for deposits and payments otherwise due beginning March[ … ]
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides for the Paycheck Protection Program (PPP). Funding for this program is limited and businesses apply for loans through their business lender. Applications will be processed on a first-come, first-served basis. The following will help you determine the information to gather for the computation of[ … ]
In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief and Economic Security Act (CARES) on March 27, 2020. The Act includes a new Paycheck Protection Program (PPP) that seeks to provide short-term cash flow through federally guaranteed loans for small businesses impacted by COVID-19. These loans will[ … ]
On March 27, 2020, the House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The president signed the bill into law the same day. The CARES Act is phase-three of the economic relief provided in response to the COVID-19 pandemic. This bill promises to make a significant impact on the[ … ]