June 3, 2020 On June 3, 2020, the Senate, by unanimous consent, cleared the bill the House passed on May 28th to extend the Paycheck Protection Program (PPP). The President is expected to sign the bill soon. The bill known as the Paycheck Protection Flexibility Act (H.R. 7010) includes the following provisions: Extends the PPP …
The Paycheck Protection Flexibility Act Awaits the President’s Signature Read More »
Tuesday, May 19, 2020 SBA’s newest Interim Final Rule, posted on May 18th, clarifies that borrowers must count all employees, both foreign and domestic, for purposes of the size limitations of the PPP, subject to certain exceptions to affiliation. The IFR follows closely after the SBA and U.S. Department of Treasury published FAQ 44 on …
Monday, May 18, 2020 By Kathy Davis, CPA | COVID-19 Response Team On May 15th, the SBA released the application that borrowers must use to determine the amount of the loan that may be “forgiven” by their lender. There are still unknown items, for which we expect additional guidance, but we will highlight a few …
Release of SBA Paycheck Protection Program Loan Forgiveness Application Read More »
Friday, May 15, 2020 By COVID-19 Response Team The following was released earlier this evening. We are still analyzing, but here are critical components of the summary of costs eligible for forgiveness: Incurred and paid Payroll Paid = considered paid on date payroll checks are distributed Incurred = Day the employee’s pay is earned Payroll costs …
Thursday, May 14, 2020 By COVID-19 Response Team SBA just added FAQ #47 47. Question: An SBA interim final rule posted on May 8, 2020, provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required …
BREAKING: SBA Extends Date for Safe Harbor Return of PPP Funds Read More »
Thursday, May 14, 2020 By COVID-19 Response Team On May 12, 2020, IRS released Notice 2020-29 announcing that it is permitting increased flexibility for Section 125 cafeteria plan midyear elections for employer-sponsored health coverage, flexible spending accounts (FSAs), and dependent care, along with clarifying that high deductible health plans (HDHP) can provide coverage for telehealth …
Thursday, May 14, 2020 By A’Shira Nelson, CPA | COVID-19 Response Team Individuals affected by the COVID-19 pandemic are now eligible to take tax-favored distributions from their IRA(s). Normally, distributions would be included in the taxpayer’s taxable income, and it may be subject to a 10% additional tax if the taxpayer is under age 59 …
COVID-19 Allows Tax-Favored Distributions from IRA Read More »
Thursday, May 14, 2020 On April 24, 2020, SBA posted an Interim Final Rule (IFR) in part stating: “However, if you are a partner in a partnership, you may not submit a separate PPP loan application for yourself as a self-employed individual. Instead, the self-employment income of general active partners may be reported as a …
SBA Issues Interim Final Rule (IFR) on Loan Increases Read More »
Thursday, May 14, 2020 By Dmitriy Berkovich, CPA As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses. While the program’s start date has yet to be announced, …
Tuesday, May 12, 2020 In updates dated May 6, 2020, in the Provider Relief Fund General Distribution FAQs, HHS made important clarifications. Health care clients should read the entire FAQ, as the following are highlights. Who is eligible to receive Provider Relief General Distributions – Must have billed Medicare on fee-for-service basis (Parts A or …
