On August 8, 2020, President Donald Trump filed a series of executive orders to provide additional economic relief to Americans amid the coronavirus (COVID-19) pandemic.
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.
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.
Beginning on June 15, 2020, the Small Business Administration (SBA) reopened the Economic Injury Disaster Loan (EIDL) program to new qualified applicants. Low-interest EIDL loan funds are available to certain small businesses and US agricultural businesses to help them cope with the economic impact of the coronavirus (COVID-19) pandemic.
New proposed legislation may allow business owners in the United States to take out a second Paycheck Protection Program (PPP) loan. The Prioritized Paycheck Protection Program (P4) Act is geared toward businesses with 100 or fewer employees who have used up or will soon finish the funds from their first PPP loan and who also have lost 50% or more revenue due to the coronavirus (COVID-19) pandemic. The bill would also extend the loan application deadline for businesses from June 30 to Dec. 31, 2020. The P4 Act has support from both political parties.
The US government recently passed the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), which makes it easier for businesses to get forgiveness for their Paycheck Protection Program (PPP) loans and offers additional sources of relief. Recently, the Small Business Administration (SBA) released additional guidelines to clarify the original policy.
With the Paycheck Protection Program Flexibility Act of 2020, the United States government has made it easier for businesses to get their Paycheck Protection Program (PPP) loans forgiven. The act also offers relief to businesses that receive PPP loan forgiveness.
The US government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide support to businesses and individuals during the coronavirus (COVID-19) pandemic. Part of the CARES Act gives stimulus payments directly to families to help them financially during the crisis. Most Americans are eligible for stimulus payments, and there may be an additional stimulus check issued in the future.
As the US starts to consider life after the coronavirus (COVID-19) pandemic, many businesses face a long, arduous path to recovery. In this article, we address some of the most important aspects of your business recovery journey, like workplace safety, Small Business Administration (SBA) loans, immigration changes, and safeguarding your confidential information
Many charities are seeing a shortfall of income during the coronavirus (COVID-19) pandemic. To help make up this gap, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) has increased the amount of cash donations to public charities that both individuals and businesses can deduct on their 2020 income taxes.