COVID-Tax Archives | Chugh

COVID-Tax

Paycheck Protection Program (PPP) Loan Forgiveness Rules: Answers to your Frequently Asked Questions

The US Small Business Administration (SBA) recently expanded its rules for Paycheck Protection Program (PPP) loan forgiveness. New regulations allow businesses to spend a smaller percentage of their PPP loan proceeds on payroll costs, have a longer time to rehire their workforce, and get more time to spend their loan proceeds, among other changes. But how exactly is PPP loan forgiveness calculated, and how does the process work? There are a few critical pieces of information that businesses should know when seeking PPP loan forgiveness.

2020 Tax Planning: Maximizing Your Retirement Savings

Significant retirement savings incentives are currently available under the tax code, including employer-sponsored qualified retirement plans, such as 401(k) plans, and non-qualified plans like traditional and Roth individual retirement accounts (IRAs). Now is as good time as any to review and evaluate your retirement savings and cash in on the benefits available.

Benefits of Stimulus Bill for Individuals

Every Individual taxpayer who has income less than $75,000 will receive a one time stimulus check for $1,200 and married couples with income less than $150,000 will receive $2,400. An additional $500 will be given per child. Individuals earning more than $99,000 and couples earning more than $198,000 will not receive these checks.

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