Federal

New PPP Rules, Applications, and Loan Forgiveness Revealed

New PPP Loan Forgiveness Application The US Small Business Administration (SBA) and Treasury updated their loan forgiveness forms on January 19, 2021. Among these is the PPP Loan Forgiveness Application Form 3508S, for those whose PPP loan was $150,000 or less. Form 3508S requires info on the borrower’s loan amount, disbursement date, employee totals, covered […]

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Provider Relief Fund Reporting Delayed and Reporting Requirements Updated

Today the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA) issued a news release announcing a delay to the February 15, 2021 reporting deadline for the Provider Relief Fund Program (PRF) due to the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act.  Beginning today, […]

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Can your business benefit from the Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was extended and enhanced in the latest law. Background on Employee Retention Tax Credit  The CARES Act, enacted in March of 2020, created the Employee Retention […]

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New CAA provides favorable tax breaks for businesses

The COVID-19 relief bill, known as the Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, contains numerous favorable tax breaks for businesses. Here are some highlights of the new law, which also includes several other provisions. Business meal deduction increased  The CAA includes a provision that removes the 50% limit […]

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PPP2 Details and Application Process

    The new $900 billion stimulus bill, the Consolidated Appropriations Act, provides a variety of financial stimulus measures, including $284 billion for a second round of Paycheck Protection Program loans (PPP2) to an expanded group of businesses facing difficulties during COVID-19. Here are details about who qualifies for PPP2 and the application process as […]

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