Executive Order Signed August 8th

On Saturday, President Trump signed an Executive order regarding a deferral for employee and employer Social Security tax. While these are not yet actionable as we are awaiting further guidance from the Treasury Department, we are committed to bringing you the most up to date information. We will continue to monitor legislation.   Here is what … Continued

The SBA issues FAQs Regarding Loan Forgiveness

On Tuesday the Small Business Administration released a sheet of FAQs regarding PPP Loan Forgiveness. The FAQs are very detailed and provide much needed clarification on a host of topics including calculating owner’s compensation, payroll costs, group health benefits, and loan forgiveness reductions.   The SBA also includes specific calculation examples and scenarios to help illustrate … Continued

Senate Releases COVID-19 Relief Proposal

As always, we’re keeping you abreast of the all the updates coming out of Washington regarding COVID-19 relief and PPP. After much anticipation, the Senate has released its latest effort on these efforts. A summary of the proposal is below.  While this is nowhere near a finalized piece of legislature, it’s a jumping off point … Continued

New PPP Loan Report & Legislative Update

As promised, below you will find instructions for Phase 2 of the PPP Loan Forgiveness Report.   Additionally, Trump just signed into law the PPP Flexibility Act of 2020.  The full legislative text can be found here. The legislation amends and expands the Cares Act provisions related to PPP Loan Forgiveness.  Below are some of the key points: … Continued

House Votes to Loosen Restrictions on PPP Loan Forgiveness

The House voted 417-1 to allow more flexibility for the Paycheck Protection Program loan forgiveness.  The Senate is expected to vote on the bill next week.  Lawmakers are pushing for the bill to pass because the first round of PPP loan recipients are closing in on the end of their eight-week covered loan period. Here … Continued

SBA Clarifies Rules for PPP Loan Forgiveness

The SBA has finally released the detailed PPP Loan Forgiveness Application.  You can find the SBA Application here. Below are some clarifications and highlights. Some of the key items clarified include: The creation of a new Alternate Covered Period allowing employers to align their 8 Week Period with the beginning of the next Pay Period following … Continued

Employee Retention Tax Credit FAQs

If you’re considering the Employee Retention Tax Credits under the CARES Act, we recommend reviewing the newly released FAQS from the IRS. The IRS has released 94 FAQs with calculation examples.