The Paycheck Protection Program (PPP) has been a lifeline for thousands of businesses and organizations in the U.S. since its inception in the CARES Act by providing much needed funds to keep people employed and businesses afloat. Nonprofits have benefited from this...
COVID-19
IRS issues guidance on payroll tax deferral from presidential executive order
Employers can now defer payroll tax withholding on employee compensation for the last four months of 2020 and then withhold the deferred amounts in the first four months of 2021, confirms a recent update from the IRS. President Trump’s memorandum on Aug. 8 gave...
Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs
On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been...
Prepare your construction business for the next economic downturn
The effects of the COVID-19 pandemic have been unprecedented and far-reaching. Nearly every industry across the world has been impacted in some ways forcing market slowdowns and, in some cases, complete business closures. It’s an unprecedented economic crisis – more...
PPP loans for contractors and the documentation you should have
The impact of COVID-19 on the construction industry has been felt in both staffing, jobsite operations, and funding as projects become uncertain and employee safety becomes paramount. The Small Business Administration (SBA) Paycheck Protection Program (PPP) outlined...
What you need to know about the executive orders signed by President Trump
On August 8, 2020, President Trump signed an executive order extending certain aspects of COVID-19 relief in the absence of a new bill from Congress. The executive order includes several measures to protect individuals as provisions of the CARES Act expire or have...
Latest PPP FAQ document provides clarity on some aspects of forgiveness
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...
Don’t go it alone: The role of CPAs during times of economic crisis
Economic downturns are an almost inevitable reality for nearly every business owner. Decisions made far away from your community, catastrophic and unpredictable weather events, and even global pandemics as we’ve seen this year can disrupt the health and viability of a...
PPP gets 5-week extension
On July 4, President Trump signed a five-week extension to the Paycheck Protection Program (PPP) after unanimous agreement from the Senate and U.S. House of Representatives in an effort to continue providing relief for small businesses hit hard by the pandemic....
Vermont Economic Recovery Grant applications open July 6
The Economic Recovery Grants application process will open on Monday, July 6. Signed into law on June 19, 2020, Act 115 creates emergency economic recovery grants for Vermont businesses and nonprofits that have suffered severe financial hardship resulting from the...