Could your small business use another cash infusion from the Paycheck Protection Program? The new COVID-19 relief law makes this a distinct possibility if you qualify.
Paycheck Protection Program Corrections and Additional Funding Many industries were severely impacted by the COVID-19 pandemic, and real estate was no exception. Leases and loans were renegotiated, rents were deferred or reduced and some tenants went out of business. Congress passed the Paycheck Protection Program (PPP) as part of the CARES Act, and while good[ … ]
On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions.
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[ … ]