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PPP economic uncertainty clarification update gets extended repayment deadline

The original May 7 deadline for repayment of Paycheck Protection Program (PPP) loans that could not be certified necessary was extended to May 14 following concerns stemming from the business community over the uncertainty of qualification. On April 23, the SBA updated their FAQs with question #31 which clarified that borrowers will have to be […]

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IRS Releases Guidance on PPP Loan Forgiveness

The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA). While coverage on how to apply for PPP loans was extensive, little was reported on how the forgiveness would play out […]

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SBA Paycheck Protection Program Updates

Over the last several days, there have been some developments and clarifications related to the Paycheck Protection Program (PPP). The PPP program loan funds were increased by $310 billion to a total of $659 billion on Friday, April 24, 2020, when the President signed the Paycheck Protection and Healthcare Enhancement Act (PPHE). The PPP program […]

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CARES Act Overview: The impact to taxpayers and businesses

The President signed the latest COVID-19 relief bill on March 27: The Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill brings with it several elements of relief for businesses, employees and families, in an effort to maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly $2 trillion […]

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Summary of the Employee Retention Tax Credit Provision of the CARES Act

One of the many key provisions in the CARES Act is the Employee Retention Credit. This credit is geared towards employer’s subject to partial or full COVID-19 related closures. This credit impacts compensation, furlough and layoff strategies. If you are considering making workforce reductions, it is important to understand your options under the CARES Act. […]

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