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On Memorial Day weekend, the US Treasury and the Small Business Administration (SBA) released two new Interim Final Rules regarding the Paycheck Protection Program (PPP). Key updates and clarifications for PPP loan forgiveness include: Borrowers may seek forgiveness for payroll costs for the eight weeks beginning on either: The date of disbursement of the borrower’s…

In response to the COVID 19 pandemic, many businesses and their office operations have moved to the “remote world.” In a remote work environment, sustained access to data is crucial to continued business efficiency. Organizations fortunate enough to have received federal funds to assist during this situation—or that are in the process of applying for…

Prepare to Verify Your Certification, Potential for Audit On April 28, the US Department of Treasury issued updated guidance regarding loan forgiveness. The Small Business Administration (SBA) will audit all Paycheck Protection Program (PPP) loans exceeding $2 million on submission of a loan forgiveness application. Subsequent updated guidance provides that the SBA will audit not…

If your company was approved for a Paycheck Protection Program (PPP) loan, congratulations! Now, you need to use those funds correctly and accurately account for them. The Small Business Administration (SBA) restricts how PPP funds may be used and requires the lender to collect supporting documentation in order to process forgiveness requests. Now is the…

Tax Relief Provided by the CARES Act In addition to IRS actions and earlier-enacted federal tax law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020, contains numerous tax-related provisions. Tax Relief for Individuals Provided by the CARES Act Recovery…

The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the following: The act specifically aligned the due date for contributions to IRAs and retirement plans with the extended due date for individual tax returns. Accordingly,…

The CARES Act—a collection of pandemic-related provisions—has good news for small businesses struggling to stay afloat during the COVID-19 pandemic. The act provides relief to US-based businesses with (1) 500 or fewer employees that are unable to pay their bills because of the coronavirus pandemic or (2) the standard number of employees established by the…

March 24, 2020 – President Trump has signed the Families First Coronavirus Act (HR 6201, the “Act”) intended to ease the economic consequences stemming from the novel coronavirus disease (COVID-19) outbreak by providing family and medical leave, and sick leave, to employees and providing tax credits to employers and the self-employed providing the leave. Here…