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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.
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.
Deduct More of your Charitable Contributions in 2020 Under the CARES Act
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.
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.
The Employee Retention Credit: Payroll Tax Credit for Businesses During the Coronavirus Pandemic
To help manage to the impact of the coronavirus (COVID-19) pandemic, many employers who operated a business during 2020 can claim the refundable Employee Retention Credit (ERC) payroll tax credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The credit is equivalent to 50% of wages paid during the COVID-19 crisis.
Employer Payroll Tax Credits and Payment Deferral Available for Coronavirus Relief
As many businesses must adapt to the disruptions caused by the coronavirus (COVID-19) pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act creates two different employment tax credits that can offer significant relief for certain employers
Loans
Expanded COVID-19 Aid Available to Individuals through New Presidential Executive Orders
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 Economic Injury Disaster Loan (EIDL) Program Reopens to New Businesses Impacted by COVID-19
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.
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.
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.
New Loan Forgiveness Rules for the Paycheck Protection Program
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.
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.
States: Relief Measures
COVID-19 Relief Measures in Tennessee
The state of Tennessee has announced a number of relief measures to help employees, employers and businesses tide over the COVID-19 pandemic.
COVID-19 Relief Measures in Washington State
Ever Since COVID-19 first hit Washington state, it has been taking a series of steps to help assist businesses and workers
COVID-19 Relief Measures in Illinois
To help businesses affected by the COVID-19 pandemic, the state of Illinois has introduced a number of initiatives
Georgia Announces COVID-19 Relief Measures
Though the state of Georgia has not been as hard hit by the COVID-19 pandemic as other states, the state government has developed programs to help individuals, employees and businesses survive this difficult period.
