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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.

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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.

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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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Loans

Proposed Bill Could Provide Second Paycheck Protection Program (PPP) Loans to Certain Small US Businesses

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.

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Small Business Administration (SBA) Guidelines Clarify New Loan Forgiveness Rules Under the Paycheck Protection Program Flexibility Act

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.

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Qualifying for the US Government’s COVID-19 Stimulus Payment

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.

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States: Relief Measures

Retirement